Two of the world’s largest cryptocurrency exchanges, Coinbase and Binance, on Friday rejected calls for a blanket ban on all Russian users to prevent the platforms from being used to circumvent sanctions on the country.
By staying in Russia despite the invasion of Ukraine, the two companies are choosing a different path than companies in the traditional financial sector, in a way that some anti-money laundering experts and European regulators say weakens attempts by Western countries to isolate Moscow.
“We believe that everyone deserves access to basic financial services unless the law says otherwise,” Coinbase Chief Executive Brian Armstrong said in a series of tweets on Friday.
The exchange, however, will implement a blanket ban if the US government decides to impose one, Armstrong added.
“We will not unilaterally freeze millions of innocent user accounts,” a spokesperson for Binance, the world’s largest cryptocurrency exchange, said in an emailed statement to Reuters.
Both said they will comply with government sanctions.
Major cryptocurrency exchanges have been urged to ban their services in Russia to prevent sanctioned entities from moving assets using cryptocurrencies.
The companies, however, insist they are well equipped to prevent abuse of their platforms.
Source: CNN Brasil
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