{"id":17709,"date":"2022-03-01T14:36:09","date_gmt":"2022-03-01T14:36:09","guid":{"rendered":"https:\/\/mailinvest.blog\/index.php\/2022\/03\/01\/major-crypto-exchanges-refuse-to-freeze-all-russian-user-accounts\/"},"modified":"2022-03-01T14:36:09","modified_gmt":"2022-03-01T14:36:09","slug":"major-crypto-exchanges-refuse-to-freeze-all-russian-user-accounts","status":"publish","type":"post","link":"https:\/\/mailinvest.blog\/index.php\/2022\/03\/01\/major-crypto-exchanges-refuse-to-freeze-all-russian-user-accounts\/","title":{"rendered":"Major crypto exchanges refuse to freeze all Russian user accounts"},"content":{"rendered":"

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A hot potato:<\/strong> Coinbase, Binance, and Kraken, three of the world\u2019s largest cryptocurrency exchanges, are joining others in refusing requests by Ukraine to freeze all Russian users’ accounts. While the companies have frozen the accounts of those targeted by sanctions, they will not implement a universal block on Russian accounts. <\/p>\n

On Sunday, Ukraine’s Vice Prime Minister Mykhailo Federov tweeted a plea for all major crypto exchanges to block addresses of Russian users. \u201cIt’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users,\u201d he wrote.<\/p>\n

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I’m asking all major crypto exchanges to block addresses of Russian users.<\/p>\n

It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.<\/p>\n

\u2014 Mykhailo Fedorov (@FedorovMykhailo) February 27, 2022<\/a><\/p><\/blockquote>\n

Fedorov is also offering a \u201cgenerous reward\u201d for information on digital wallets held by Russian and Belarusian politicians.<\/p>\n

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Ukrainian crypto community is ready to provide a generous reward for any information about crypto-wallets of Russian and Belarusian politicians and their surroundings. War crimes must be pursued and punished! To share info please contact in Telegram: https:\/\/t.co\/XHidwUQ8bE<\/a>.<\/p>\n

\u2014 Mykhailo Fedorov (@FedorovMykhailo) February 26, 2022<\/a><\/p><\/blockquote>\n

A spokesperson for Binance told CNBC<\/a>, \u201cWe are not going to unilaterally freeze millions of innocent users\u2019 accounts.\u201d<\/p>\n

\u201cCrypto is meant to provide greater financial freedom for people across the globe. To unilaterally decide to ban people\u2019s access to their crypto would fly in the face of the reason why crypto exists.\u201d<\/p>\n

Binance also says it will donate $10 million<\/a> towards humanitarian efforts in Ukraine and is launching a \u201ccrypto-first\u201d crowdfunding site to raise a further $20 million.<\/p>\n

The US, UK, Europe, and Canada have all responded to the invasion of Ukraine with a slew of sanctions against Russian banks, oligarchs, politicians, and more. While the big crypto exchanges have frozen the accounts of sanctioned users, the firms are refusing to take the same action against all Russians.<\/p>\n

\u201cA unilateral and total ban would punish ordinary Russian citizens who are enduring historic currency destabilization as a result of their government\u2019s aggression against a democratic neighbor,\u201d Coinbase told Motherboard.<\/p>\n

Another large exchange, Kraken, said that it could not freeze the accounts of its Russian users without a legal requirement to do so. Kraken exchange CEO Jesse Powell said such a move would violate the company’s \u201clibertarian values.\u201d<\/p>\n

Johnny Lyu, CEO of KuCoin, has a similar view: \u201cAs a neutral platform, we will not freeze the accounts of any users from any country without a legal requirement. And at this difficult time, actions that increase the tension to impact the rights of innocent people should not be encouraged.\u201d<\/p>\n

Bitcoin\u2019s price has surged back up to above $43,000 this week after losing almost $10,000 of its value in the wake of the crisis.<\/p>\n<\/p><\/div>\n