Cryptocurrency Exchanges Coinbase and Binance Decide Not to Ban Russians on Their Platforms – poca Negócios

Cryptocurrency Exchanges Coinbase and Binance Decide Not to Ban Russians on Their Platforms - poca Negócios

Coinbase and Binance exchanges will continue to accept Russians on their platforms (Photo: Pexels)

two biggest scholarships cryptocurrency Coinbase and Binance on Friday rejected calls in the country to impose a complete ban on all Russian users to prevent them from using the platform.

Remaining in Russia despite Ukraine’s invasion, the two companies are choosing a different path than traditional financial sector companies, in a way that some anti-money laundering experts and European regulators say has led to efforts by Western countries to isolate Moscow. weakens.

“We believe that everyone is entitled to access to basic financial services, unless the law states otherwise,” Coinbase Chief Executive Brian Armstrong said in a series of tweets on Friday. Armstrong said the exchange would impose a broad ban if the US government decides to implement one.

“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 would abide by government restrictions. Major cryptocurrency exchanges have been urged to ban their services in Russia to prevent approved entities from transferring assets using cryptocurrencies. However, the companies insist that they are well equipped to prevent abuse of their platforms.

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About the author: Sarah Gracie

"Proud social media buff. Unapologetic web scholar. Internet guru. Lifelong music junkie. Travel specialist."

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