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Crypto exchange Coinbase stops short of blanket ban on Russian accounts -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – The Coinbase Global Inc logo, which is the largest U.S. cryptocurrency exchange and market, can be seen on the Nasdaq MarketSite Jumbotron in Times Square, New York. It was displayed there, U.S.A, Thursday, April 14th, 2021. REUTERS/Shannon Stapleton

(Reuters] – U.S. cryptocurrency Exchange Coinbase (NASDAQ) Global Inc will continue blocking accounts and transactions from Russian clients. However, it did not stop short of banning all Russian users.

A Coinbase spokesperson stated that they will not ban all Coinbase transactions with Russian addresses at this point.

Binance is the biggest cryptocurrency exchange worldwide and has stated that all Russian accounts would be kept open after Ukraine asked major crypto exchanges to ban them.

Western countries, such as the United States of America and Britain, have put severe sanctions against Russia because it invaded Ukraine. The major Russian banks are now exempted from SWIFT’s international payments system.

On Monday, trading volumes between the Russian currency and crypto spiked dramatically. It was a result of rising interest by Russians in cryptocurrency after Western sanctions took a heavy toll on its local currency.

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