Binance, Kraken, KuCoin and now Coinbase have denied the Ukrainian Deputy Prime Minister’s request to block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. the addresses of all users in Russia.
Cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. exchanges Binance y Kraken have indicated that they will not freeze funds for Russian users. despite requests from some Ukrainian officials. More recently, Coinbase is an American company that operates a cryptocurrency exchange platform. has joined the list of exchanges who have rejected a blanket block on cryptocurrency accounts of users in Russia.
A spokesman for the U.S. exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Coinbase told the mediaMotherboard that the company will not comply with the request to ban all Russian users, citing the ” economic freedom ” y el daño que una prohibición traería a los rusos promedioThe Commission is in compliance with the existing sanctions.
At this time, we will not institute a blanket ban on all Coinbase transactions involving Russian addresses[…] A unilateral, blanket ban would punish ordinary Russian citizens who are suffering historic currency currency is a medium of exchange that defines value. destabilization as a result of their government’s aggression against a democratic neighbor.
While the platform is not available in Russia, it claims that it will not restrict its customers from making transactions with addresses based in that country. The spokesperson, who provided similar statements to Decrypt He added that the exchange will continue to comply with all the sanctions that have been imposed. including the blocking of accounts and transactions that may involve sanctioned persons or entities”.
In line with Binance, Kraken, and KuCoin
The position of Coinbse is in line with statements that have been made by others. exchanges of the industry. Binance had already indicated to CNBC on Monday that it will not follow the Ukrainian deputy prime minister’s request to block all accounts of Russian users. A company spokesman argued that such a move would affect people “ innocent “that have nothing to do with the conflict.
“No vamos a congelar unilateralmente las cuentas de millones de usuarios inocentes“, said a representative of the world’s largest cryptocurrency exchange, and went on to highlight similar arguments to Coinbase and other exchanges.
Crypto is intended to provide greater financial freedom to people around the world. Unilaterally deciding to ban people from accessing their cryptocurrency would go against the very reason cryptocurrency exists.
Other exchanges have reflected the same attitude. The CEO of KuCoin , Johnny Lyu, said similarly to CNBC that the company considered itself to be ” a neutral platform a place to buy, sell and store cryptocurrency “that he would not do anything beyond what was legally required, and added that he did not support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. ” actions that increase “tensions. For his part, Jesse Powell, CEO and co-founder of Kraken went further in a Twitter thread Sunday night and said that while he understood ” the reason for this request ”, no congelaría todas las cuentas rusas a menos que se le exija legalmente.
1/6 I understand the rationale for this request but, despite my deep respect for the Ukrainian people, @krakenfx cannot freeze the accounts of our Russian clients without a legal requirement to do so.
— Jesse Powell (@jespow)February 28, 2022
The comments come in response to a request from Ukraine’s deputy prime minister, Mykhailo Fedorov, who instó a major cryptocurrency trading platforms to block the addresses of all Russian users and thus help the defense of Ukraine.
“ It is crucial to freeze not only addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users. “Fedorov said on 27 February in a tweet .
Other crypto-exchanges apply restrictions
According to Decrypt some renowned exchanges such as FTX , the Sam Bankman-Fried, y Crypto.com have not yet expressed a position on the Ukrainian official’s request.
Fedorov’s request comes amid a series of sanctions that the U.S., Canada and European countries have implemented against Russia and several of the country’s top officials in the face of the invasion in Ukraine. The most recent measure announced by the U.S. Treasury Department. seeks to block the assets of the Russian central bank located in the North American country.
Financial services companies, including cryptocurrency exchanges, have been forced to respond to these measures. According to TrustNodes Several of the trading platforms that used to focus on the Russian market an area or arena, online or offline, in which commercial dealings are conducted. are now banning users from the country. Kuna has closed all trading on Russian ruble pairs, while the exchanges WhiteBIT y CEX.io have suspended new searches and have even detained ” all commercial and warehousing activities “of the Russians.
Cross-border payment companies Wise yRemitly also have suspended their money transfer services in Russia amid a broader wave of sanctions on Russian banks. The Russian ruble has plunged to record lows against the dollar in the face of the sanctions. Meanwhile, some reports show long a situation where you buy a cryptocurrency with the expectation of selling it at a higher price for profit later. lines of people at ATMs located in the country.
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Article by Hannah Estefania Perez / DiarioBitcoin
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