Hillary Clinton has urged Vice President Joe Biden’s administration to pressure cryptocurrency exchanges to restrict Russian users.
A former presidential candidate, Hillary Clinton, has chastised Vice President Joe Biden’s administration and European nations for failing to put pressure on cryptocurrency exchanges. These, in her opinion, should block the accounts of Russian users.
The wife of former President Bill Clinton added that regulators “should look carefully at how they can prevent” Russians from circumventing sanctions. She added that she was referring to both public entities (e.g., the government) and private investors.
Several cryptocurrency exchanges are refusing to complete transactions with Russia, which is disappointing to me. She explained that all of us today must “do whatever we can to isolate the Russian economy.”
Ukraine’s deputy prime minister, Mykhailo Fyodorov, tweeted on Sunday that all significant cryptocurrency exchanges should restrict the addresses of all Russian users, including private individuals. “Not only addresses associated with the Russian and Belarusian governments, but also ones associated with regular citizens, must be blacklisted,” he stressed.
However, some large cryptocurrency exchanges, including Binance, Coinbase, and Kraken, have declared that they will not follow the plan, refusing to freeze all Russian users’ accounts.
Kraken exchange CEO Jesse Powell explained that its exchange can only freeze the accounts of Russian users if there is a legal requirement from the government, citing what happened in Canada during the Freedom Convoy truck drivers protest. He also advised that anyone who is afraid of freezing their account should withdraw their coins from exchanges and take care of them themselves.