Crypto Exchange Coinbase Stops Blanket Ban on Russian Accounts

U.S. cryptocurrency exchange Coinbase Global Inc (COIN.O) will continue to ban accounts and transactions of Russian clients targeted by sanctions. However, it stopped short of banning all users from the country. According to Reuters, Ukraine has requested major crypto exchanges for a complete ban on Russian accounts. But the companies are not fully agreed with Ukraine.

Crypto Exchange Coinbase Stops Blanket Ban on Russian Accounts

A Coinbase spokesperson said,

“At this time, we will not institute a blanket ban on all Coinbase transactions involving Russian addresses”.

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Similarly, Binance, the world’s biggest crypto exchange, has also said it would not freeze all Russian accounts.

Western countries including the United States and Britain have imposed sweeping financial sanctions on Russia for invading Ukraine, with major Russian banks shut out of the SWIFT international payments system.

Trading volumes between the Russian rouble and the Tether cryptocurrency spiked sharply on Monday, indicating rising interest in crypto among Russians after the Western sanctions took a toll on the local currency.

Not only this but Canada, the European Union, Japan, New Zealand, Taiwan, the United Kingdom, and the United States have announced sanctions against Russia that also targeted the export of tech goods and services.

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