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FTX CEO Sam Bankman-Fried has chastised the crypto sector for not communicating its policy around Russian sanctions.
According to Sam Bankman-Fried, exchange policies toward Russia look to be anti-regulation.
Sanctions targeting Russian billionaires
Bankman-Fried contended that this was a problem of perception and presentation rather than a problem with the policies imposed by exchanges.
Sam Bankman-Fried, in a statement to Reuters on March 18, blasted other cryptocurrency exchanges for their ambiguous compliance with sanctions targeting Russian billionaires.
Bankman-Fried stated that he was “extremely disappointed with the messaging that [the crypto] sector has had on this,” and that public pronouncements from certain businesses have been ineffective.
Bankman-Fried is most likely referring to CEO remarks from major exchanges. Companies like Kraken, Binance, and Coinbase have all complied with specific sanctions against Russia while simultaneously claiming that larger measures are unnecessary.
“I don’t believe it’s about the content of the choices… It’s all about how they’ve been presented,” he explained.
FTX has followed the footsteps
With $2 billion in trading activity in the previous 24 hours, FTX is presently the fourth largest exchange by trading volume. FTX.US, its American equivalent, handled an additional $180 million in volume.
FTX has followed in the footsteps of other exchanges by excluding sanctioned Russians from using its services while allowing non-sanctioned Russians to do so. Russian banks, both sanctioned and unsanctioned, have also been barred by the exchange.
FTX, on the other hand, has been more open about the limits’ scope. In a new interview with CNBC,
According to Bankman-Fried, there are “a number of mechanisms in place” that make it difficult for Russian oligarchs to use crypto successfully. According to him-Banks, persons, and tokens engaged in a transaction are all subject to sanctions checks.
According to Bankman-Fried, FTX, located in the Bahamas, instantly shut off assistance to all sanctioned parties and severed access to all Russian banks, including those that aren’t sanctioned, so the exchange couldn’t be used as a gateway between Russia and the rest of the world.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
