Changpeng Zhao: Dodging Sanctions via Crypto Unlikely

Changpeng Zhao: Dodging Sanctions via Crypto Unlikely
  • Crypto is too traceable, making it not good to be used for dodging sanctions, said Changpeng Zhao.
  • Zhao is against the war, but not against the people.
  • Coinbase CEO said that the exchange will not preemptively ban all Russians from using Coinbase.

Binance CEO Changpeng Zhao (CZ) reiterated that Russia cannot use cryptocurrencies to avoid western sanctions. 

In a recent interview with Richard Quest, the host of CNN’s Quest Means Business, Zhao said that crypto being too traceable makes it unworthy to be used for dodging sanctions. He mentioned that governments are continuously becoming better at tracing crypto transactions and an intelligent person would not use crypto for such purposes.

Still, the CEO said Binance respects the sanction rules closely and will block all listed to be sanctioned. In addition,  Binance would also block any accounts that are remotely associated with the people on the sanction list.

Even so, Binance will stand by its decision not to ban all Russians as Zhao stressed that it’s illegal to freeze assets of normal Russian users. Though, he said  it’s the government’s decision which Binance assets should be freezed or not. This move is to show that the organization is willing to stick to the rules.

“Some ordinary Russians are using crypto as a lifeline now that their currency has collapsed. Many of them likely oppose what their country is doing, and a ban would hurt them, too. That said, if the US government decides to impose a ban, we will of course follow those laws,” Zhao said.

Binance Is Against the War, Not the People

According to Zhao, Binance is opposed to the war and the politicians that started it. Right now, the organization is assisting both Ukrainians and Russians to surpass their struggles.

He also disclosed that Binance is one of the first companies to vow $10 million to help Ukrainian refugees. He added that most of this amount has already been given out through U.N. international charity organizations.

In other news, Coinbase CEO Brian Armstrong posted a thread on Twitter on March 4 that says the exchange is not “preemptively banning all Russians from using Coinbase.” The organization believes that “everyone deserves access to basic financial services unless the law says otherwise.”

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