According to Changpeng Zhao, Russians will be able to use small trading platforms located in Russia if they are blocked from large international crypto exchanges.
Binance CEO Changpeng Zhao, said that US and EU sanctions against Russia will not harm the crypto industry. Zhao explained that, when large international crypto exchanges are blocked, Russian users can use small trading platforms located in the country.
In Zhao’s opinion, small crypto exchanges that lack liquidity will not be a problem, as providers and arbitrage traders are likely to provide liquidity to the platforms if they perceive a need.
“The restriction on a few major international exchanges gives you nothing,” Binance’s head explained.
Moreover, Zhao explained that exchanges are not required to use cryptocurrency. A crypto wallet, which is open source, is all a user needs to begin using digital assets. Once the wallet has been installed, users can accept cryptocurrency payments.
“They only need a wallet, There is no need for an exchange.”
He went on to say that the crypto exchange strictly follows international law and implements sanctions. Binance does not think it’s right to block all Russian users’ access to its infrastructure, but if regulatory authorities ask for this, they’ll do so.
Sanctions against Russia
Previously, Binance restricted its platform access to Russian citizens listed on US and EU sanctions lists. Additionally, cardholders of Russian banks that were sanctioned could not use their cards on the platform. Various restrictions in relation to Russian, Ukrainian, and Belarusian users were imposed by cryptocurrency exchanges CEX IO, KUNA, BTC-Alpha, and Qmall.
Several crypto exchanges, such as Coinbase and EXMO, have said they don’t intend to block users from Russia. Kraken’s head, Jesse Powell, has expressed that the platform doesn’t have any plans to block users from Russia, but can if required to do so by the authorities of the United States or other countries.