A spokesperson for the platform revealed that the world’s leading digital asset exchange – Binance – does not intend to freeze the accounts of Russian-based individuals. He further argued that “crypto is meant to provide greater financial freedom,” and that such a move may contradict the industry’s notion.
In-line with Kraken
Russia’s “special military operation” in Ukraine is nowhere near the end as tensions between the two countries continue to rise. At the moment, the United States, the European Union and the rest of the “great powers” are far from direct military conflict. However, he imposed severe financial sanctions aimed at destabilizing Russia.
In addition to these measures, Mykhailo Fedorov – Deputy Prime Minister of Ukraine – urged major cryptocurrency trading venues to block the blockchain addresses of all Russian users and thus aid in the defense of Ukraine.
According to CNBC coverage, Binance will not comply with their request as most of those accounts belong to “innocent” individuals with no connection to the conflict.
“We are not going to unilaterally freeze the accounts of millions of innocent users,” a company spokesperson said.
The decentralized nature of digital assets is often seen as a symbol of independence and independence from traditional monetary institutions. At the same time, such a decision “could fly in the face of the reason crypto exists,” the spokesperson said.
Binance, on the other hand, has vowed to limit its services to Russia-based individuals with sanctions imposed against them “while minimizing the impact on innocent users”.
Earlier today, the CEO of Kraken – Jesse Powell – took a similar stance. He described bitcoin and altcoins as the embodiment of moderate values, and as such, freezing the accounts of all Russian customers would be a mistake. He also recognized that many of the exchange’s users were likely against the war.
Binance donates $10 million to Ukraine
Despite refusing to restrict its services to Russian users, Binance demonstrated its support for Ukraine in that conflict by contributing $10 million to the nation.
“Donations will be divided between major intergovernmental organizations and non-profit organizations already on the ground, including UNICEF, UNHCR, the UN Refugee Agency, ISANS and People in Need, to help children and families displayed in Ukraine and its neighboring countries. to help support.” The company said.
Since the start of Russia’s invasion, Ukraine has donated nearly $20 million worth of digital currencies. It is worth noting that a single contribution is equivalent to $3 million in bitcoin.
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