Stock Groups

Binance will not block Russian accounts after Ukraine request


On a smartphone screen, the logo of Binance cryptocurrency exchange is displayed.

Jakub Porzycki | NurPhoto via Getty Images

Binance announced Monday that it won’t “unilaterally” freeze Russian user accounts. This was after the vice prime minister of Ukraine called upon major cryptocurrency exchanges for such actions.

Binance spokesperson, one of the largest cryptocurrency exchanges in the world, stated to CNBC that they aren’t going to freeze accounts for millions of unintentional users.

Cryptocurrency is intended to give people greater financial freedom around the world. It would be a disgrace to unilaterally ban access to crypto by anyone.

Mykhailo Fedorov (Vice Prime Minister of Ukraine) asked the major exchanges on Sunday to stop Russian addresses.

Fedorov stated in a tweet that “it’s vital to freeze not just the addresses associated to Russian or Belarusian politicians but also to subvert ordinary users.”

Belarus is a Russian ally.

Russia continues to attack major citiesDespite the Russian advance being blocked in Ukraine, it is believed that most of Ukraine’s military forces have resisted them.

Both the United States and European Union are a member of responded with sanctionsRussian president Vladimir Putin is a target for Russian banks and sovereign debt. inner circleThe leader. The Russian ruble has plungedThis is the result.

Binance claimed it’s “taking all necessary steps to ensure that we take appropriate action against individuals who have received sanctions against them, while minimising the impact on innocent customers.”

According to a spokesperson, the company added that “Should this international community increase these sanctions further, they will apply those as aggressively also.”

The follow-up inquiry from CNBC about Binance’s actions against people who were sanctioned by sanctions has still not been received. CNBC reached out to several other cryptocurrency exchanges to ask if they would freeze Russian accounts. However, CNBC has not heard back.

Jesse Powell is the CEO of Kraken. Kraken is another large cryptocurrency exchange. He stated on Monday via Twitter that Kraken “cannot freeze accounts of Russian clients without a law requirement.”

Dmarket is a virtual trading platform for in-game goods that lets people trade them. However, Dmarket posted a Twitter statement saying it had ended all relations with Russia and Belarus “due to the invasion in Ukraine”.

According to Dmarket, users from Russia and Belarus could not register with Dmarket. Accounts of those users were also frozen. Dmarket claimed that the Russian ruble was removed from Dmarket’s platform. It called itself an “Ukrainian born startup”.