Russian Crypto Users Will Not Be Blocked by Binance or Kraken

Ukraine Requests Blocking Russian Crypto Users’ Accounts

As the war is taking place in Ukraine, its Deputy Prime Minister Mykhailo Fedorov released an important notice for the citizens. Accordingly, the country’s crypto community will reward those who submit facts leading to identifying accounts related to Russian politicians. In addition, he argued that the exchanges should ban accounts for politicians alongside regular customers. As the invasion of Ukraine is going on, the Western nations have started many financial penalties on Russia. The newest focus is moving to crypto exchanges. Cryptocurrencies constantly promote themselves as a viable alternative to established economic systems. Well, they might also be an alternative for wealthy Russians to avoid the sanctions. Nonetheless, sanctions on Russia have not been easy to apply to. This is because there are numerous cryptocurrency exchanges hosted in Russia. Moreover, customers who are part of these exchanges own access to decentralized platforms in other countries. As a result, there have been challenges in setting restrictions on Russia. In the event of the invasion, there has been a proposal from Ukrainian authorities to prohibit Russian wallets. This calling has been made even though Ukrainian authorities benefit from crypto contributions to fight against the Russian invasion.

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