The world’s first public cryptocurrency exchange will not impose limitations on Russian residents, claiming that doing so would “punish ordinary citizens.”
Coinbase, the world’s first public cryptocurrency exchange, revealed to Decrypt that it will not restrict its trading platform’s functionality for Russian users, despite the Ukrainian authorities’ request. According to Coinbase, barring all Russian users “will punish ordinary citizens.”
On February 27, Ukraine’s Minister of Digital Transformation, Mikhail Fedorov, made a Twitter request to the leading cryptocurrency exchanges to block all Russian users. Fedorov emphasized the importance of imposing limits not only on sanctioned individuals but also on ordinary users.
Additionally, the US authorities have requested assurances from the major cryptocurrency exchanges that their trading platforms will not be used to bypass anti-Russian sanctions. The administration of Joe Biden has contacted Binance, FTX, and Coinbase over the matter.
Previously, some cryptocurrency exchanges imposed limitations on users from Ukraine, Russia, and Belarus following Russian President Vladimir Putin’s announcement on February 24 of military action in Ukraine. BTC-Alpha, KUNA, CEX IO, and Qmall all imposed restrictions. Binance has denied any information about the imposition of such limitations.
Jesse Powell, the head of the Kraken cryptocurrency exchange, stated that the platform does not currently intend to prohibit customers from Russia but may do so if required by the US or other country’s authorities.