Binance says no to Russian user ban despite Ukraine's request

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 Binance says no to Russian user ban despite Ukraine's request
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Highlights

  • Top crypto exchange, Binance, rejects putting a unilateral freeze on accounts of all Russian users.
  • On Sunday, Ukraine’s Deputy PM had urged the major global cryptocurrency exchanges to block addresses of all Russian users.
  • The Binance head states cryptos offer financial freedom to people, and many normal Russians are not in favour of the war.

Amid the ongoing Russia Ukraine conflict, Binance, one of the biggest cryptocurrency exchanges across the globe, has stated that it would block accounts of those Russians whose names were there in the sanction list but wouldn’t put a blanket ban on accounts of all Russian users.

Must Read: How top cryptos performed amid Russia-Ukraine war

cryptocurrency, Bitcoin, Russia-Ukraine war

Source:© Naum100 | Megapixl.com

Ukraine calls on major crypto exchanges to block Russian users

In a recent tweet, Mykhailo Fedorov, Ukraine's Deputy Prime Minister, had urged leading cryptocurrency exchanges of the world to not just block accounts of Russian politicians but also those of ordinary Russian users.

Moreover, Fedorov, who also heads digital transformation in Ukraine, has announced offering a generous reward for giving details of digital wallets held by both the Russian as well as Belarusian politicians.

Related Read: Why Ukraine is urging crypto exchanges to ban Russian users

Interesting Read: As Ukraine accepts crypto donations, what is Bitcoin’s future?

Cryptos offer financial freedom, cites Binance chief

Binance founder and chief executive, Changpeng Zhao, popularly known as CZ, has stated that though the Company followed the international sanctions list very strictly, which bore names of a few hundred Russian individuals, mostly politicians, Binance was not political and was not in a position to call for the unilateral freezing of accounts of all Russian users.

As per Zhao, several normal Russians are not in favour of the war, and the Company does differentiate between the normal people and the Russian politicians who started the war.

Moreover, the basic feature of cryptos is to equip people with greater financial freedom and putting a unilateral ban would question the very existence of cryptos.

Several other cryptocurrency exchanges, including Kraken, have revealed that they would not freeze all Russian accounts without a legal requirement to do so.

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