Crypto exchange Binance to block accounts of sanctioned Russians
Crypto exchange Binance reportedly plans to block the accounts of Russian users who have been targeted by sanctions.
The move comes after Ukraine’s vice prime minister called on the world’s crypto exchanges to block the accounts of Russian politicians and traders. Binance said that it will not introduce a blanket freeze on accounts held by Russian users, but confirmed it will assist with the enforcement of sanctions Reuters first reported.
“We’re blocking accounts of those on the sanctions list (if they have Binance accounts) and ensuring that all sanctions are met in full,” a spokesperson for Binance told Reuters.
The United States, UK and Europe have introduced economic sanctions on Russia in retaliation to the invasion of Ukraine. Yesterday, Russian banks were blocked from the SWIFT international payments system, an inter-bank messaging network which facilitates secure cross-border payments.
Ukraine’s Vice Prime Minister Mykhailo Fedorov issued a plea on Twitter asking for major crypto exchanges to block the accounts of Russian and Belarusian users.
“It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users,” he wrote on Twitter.
Major crypto exchanges Kraken and Binance both said they would not introduce a freeze on accounts. A second Binance spokesperson told Reuters “we are not going to unilaterally freeze millions of innocent users’ accounts. Crypto was meant to provide greater financial freedom for people across the globe.”
Crypto exchanges have come under scrutiny amid Russia’s invasion of Ukraine over concerns digital assets could be used to avoid sanctions. Crypto has also proved a Boon for the Ukranian armed forces who have raised millions of dollars worth of capital through crypto fundraisers.
Read more: Ukraine vice prime minister urges crypto exchanges to block Russian users