Currency.com Bans Russians From Trading on Platform

Currency.com Bans Russians From Trading on Platform
  • Crypto exchange Currency.com said it would ban Russians from trading on its platform.
  • New Russian clients cannot open new accounts on the platform.
  • Most major crypto exchanges are still hesitant in banning Russian civilians.

In a blog posted on Tuesday, the Belarusian crypto exchange Currency.com stated that it will halt operations for Russian citizens due to the ongoing invasion of Ukraine earlier this year. The exchange has now stopped Russian clients from opening new accounts.

Read CRYPTONEWSLAND on Google News google news

Vitaly Kedyk, CEO of Currency.com’s Ukraine branch, said:

“We condemn the Russian aggression in the strongest possible terms. We stand with Ukraine and everyone who denounces this terrible war. In these circumstances, we can no longer continue to serve our clients from Russia.”

Currency.com launched in the Belarusian capital Minsk in 2018. Now, the firm has moved its headquarters to Gibraltar, yet it remains a Belarusian Limited Liability Company. The company also has offices in Warsaw, Poland, and in New York in the U.S.

Many allege Belarus as aiding the invasion. This came after the country allowed Russia to use its territory strategically during the invasion. As a result, Belarus experienced sanctions and restrictions.

Last week, the US intensified its sanctions against Russia and Belarus and the EU closed its borders to cargo vehicles from both countries. In spite of that, most major crypto exchanges are still hesitant in banning Russian users amidst the ongoing war in Ukraine.

Brian Armstrong, CEO of Coinbase, said in a series of tweets last month that “Some ordinary Russians are using crypto as a lifeline now.”

He also added that not all Russians approve of the invasion. This is because “Many of them likely oppose what their country is doing, and a ban would hurt them, too.”

Following Armstrong’s tweets, Jesse Powell from Kraken and Changpeng Zhao from Binance also echoed a similar sentiment. Specifically, they stated that restricting users in the country was “unethical” and “not practical.”

The war keeps on escalating since then and more sanctions have been imposed by Western governments. This follows reports of atrocities committed against Ukrainian civilians.

Meanwhile, Deputy US Treasury Secretary Wally Adeyemo warned the crypto exchanges through an interview with CNBC last month saying:

“What we want to make very clear to crypto exchanges, to financial institutions, to individuals, to anyone who may be in a position to help Russia take advantage and evade our sanctions: We will hold you accountable.” 

Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.

retik-new-banner-hor

related posts