FTX will restrict access to its platform for Russian Users

The Russian military’s actions in Ukraine have sparked a global chain reaction. They began imposing sanctions against Russia in a systematic and then haphazard manner – and they did so separately from the countries of Europe and countries of the United States, respectively.

Certain businesses have decided to discontinue customer service in Russia altogether. For instance, FlexPool, one of the largest Ethereum mining pools, recently announced that it would suspend service to Russian IP addresses.

The popular crypto derivatives exchange FTX did not stand aside and found it necessary to clarify in its official Twitter account that Customers who are subject to sanctions will be prevented from trading on its platform:

We use industry-leading technology to prevent sanctioned individuals from accessing our systems.”

This statement caused panic among Russian traders: since cryptocurrency services (such as FlexPool and others unofficially) announced a complete ban on the use of their services by Russian citizens, it was logical to assume that the FTX would follow suit. Perhaps other large cryptocurrency companies are lurking behind it.

However, by the end of the day, things have been improved. In response to a request from the Top Traders team, the trading platform explained that the restrictions will only apply to those on the sanctions list and that everyone else can continue to exhale:

There is no discussion regarding the exclusion of Russian citizens, and nothing threatens you if you are not personally included on the sanctions list.

Read Also: The EU is not in favor of a ban on cryptocurrency mining

Disclaimer: The information provided in this article is for informational purposes only and should not be construed as financial or investment advice. Cryptocurrency investments are subject to market risks, and individuals should seek professional advice before making any investment decisions.

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