Fun

Ukraine Asks Crypto Exchanges to Freeze Accounts of All Russian Users — Major Exchanges Deny Request

News Feed - 2022-03-01 01:03:10

Ukraine Asks Crypto Exchanges to Freeze Accounts of All Russian Users — Major Exchanges Deny Request


The vice prime minister of Ukraine has asked all major cryptocurrency exchanges to freeze accounts of all Russian users. However, some crypto exchanges have already denied the request. Binance confirmed it is “not going to unilaterally freeze millions of innocent users’ accounts” while Kraken says it is “not really a viable business option for us.” Ukraine Wants Accounts of All Russian Crypto Users Frozen


Mykhailo Fedorov, vice prime minister of Ukraine, tweeted Sunday asking all major cryptocurrency exchanges to block addresses of Russian users. “It’s crucial to freeze not only addresses linked to Russian and Belarusian politicians but also to sabotage ordinary users,” he tweeted.



His tweet has been widely criticized in the crypto community. One person said the request “Totally violates the foundations and very basis of cryptocurrency.”


Another pointed out: “A lot of people in Russia donate money to Ukraine, condemn the war, and crypto is one of few safe spaces for them to operate and not get jailed by own government.” Many advised, “Get your money out of exchanges,” emphasizing, “not your keys, not your coins.” Crypto Exchanges Respond to Request to Freeze Russian Users’ Accounts


Two major cryptocurrency exchange platforms have responded to the Ukrainian vice prime minister’s request to freeze accounts of all Russian users at press time.


Binance told CNBC Monday, “We are not going to unilaterally freeze millions of innocent users’ accounts,” adding: Crypto is meant to provide greater financial freedom for people across the globe. To unilaterally decide to ban people’s access to their crypto would fly in the face of the reason why crypto exists.


However, the cryptocurrency exchange clarified that it would block the accounts of any individuals on sanctions lists, noting that it is “taking the steps necessary” to minimize the “impact to innocent users.”


Jesse Powell, the CEO of cryptocurrency exchange Kraken, also replied to the vice prime minister in a series of tweets Sunday evening. He wrote: I understand the rationale for this request but, despite my deep respect for the Ukrainian people, Kraken cannot freeze the accounts of our Russian clients without a legal requirement to do so.


The CEO explained: “That requirement could come from your own government, as we have seen in Canada, in response to protests, bank runs, and attempts to flee the country. It could come from foreign states, like the U.S., as a weapon to turn the Russian populace against its government’s policies.”


Recently, Powell spoke up about the Canadian government’s request for crypto exchanges to freeze accounts tied to the Freedom Convoy protest. He advised anyone who is worried about their accounts being frozen to take their coins off exchanges and self-custody them instead. His advice was red-flagged by Canada’s securities regulator.


Powell proceeded to outline Kraken’s mission is to bring individuals into “the world of crypto, where arbitrary lines on maps no longer matter, where they don’t have to worry about being caught in broad, indiscriminate wealth confiscation.”



The Kraken CEO opined: Our mission is better served by focusing on individual needs above those of any government or political faction. The People’s Money is an exit strategy for humans, a weapon for peace, not for war.


He concluded: “Besides, if we were going to voluntarily freeze financial accounts of residents of countries unjustly attacking and provoking violence around the world, step 1 would be to freeze all U.S. accounts. As a practical matter, that’s not really a viable business option for us.” Tags in this story Binance, block accounts, crypto exchanges, cryptocurrency exchanges, freeze accounts, Jesse Powell, Kraken CEO, Russian users, Sanctions


What do you think about the Ukrainian vice prime minister’s request for crypto exchanges to freeze accounts of all Russian users? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Coinbase"s Trading Volume Grew 8.5 Times in 2021 — With 89 Million Verified Users EXCHANGES | 3 days ago Cash App’s Bitcoin Revenue Grew 119% in 2021, Gross Profit From BTC Rose 124% EXCHANGES | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBitcoin, Ethereum Technical Analysis: ETH, BTC Rebound After Weekend Selloff Next articleHow NFTs and the Metaverse Can Help Save the Planet Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItPUBG Developer Parent Company Krafton to Work On NFT and Metaverse Related Projects


Krafton, the parent company of Bluehole, developers of PUBG, a popular battle royale game that has earned more than $300 million in 2021, announced it will redirect some of its activities toward developing NFT and metaverse-related projects. The company says ... read more.McDonald’s Trademark Filings Hint at Fast Food Giant"s Intent to Produce Metaverse Restaurants Global Regulators "Going Full Steam" on Crypto — Official Says "Current Structure Is No Longer Fit for the Purpose" Fitch Ratings Downgrades El Salvador Deeper Into Junk Status Citing Bitcoin Risks City of Miami Gets $5.25M Disbursement From Miamicoin as MIA Flounders 88% Lower Than Price High

News Feed

Universal Music Group’s Web3 Label Buys Bored Ape for $360K in Ethereum
Universal Music Group’s Web3 Label Buys Bored Ape for $360K in Ethereum On Friday, Universal Music Group’s Web3 label dubbed 10:22PM revealed it purchased the Bored Ape Ya
Metaverse Domains Are Trending as Minting Goes Live on Quik․com
Metaverse Domains Are Trending as Minting Goes Live on Quik․com sponsored Quik.com, a portal to the web3-optimized metaverse, is bringing firsthand knowledge of the .metaverse, .v
Quik․com Releases Update for Its NFT Domains – Web3 Domains Are Now Minting
Quik․com Releases Update for Its NFT Domains - Web3 Domains Are Now Minting sponsored The much-anticipatedmajor update to Quik.comhas now been made available to users, bringing th
Jim Cramer Advises Against Using Binance — Says Crypto Exchange Is ‘Way Too Sketchy’
Jim Cramer Advises Against Using Binance — Says Crypto Exchange Is "Way Too Sketchy" The host of Mad Money, Jim Cramer, has warned investors about using cryptocurrency exchange B
China’s Inflation Rate Drops to Lowest in 18 Months
China"s Inflation Rate Drops to Lowest in 18 Months The annual inflation rate in China has unexpectedly slowed down in March to its lowest level in a year and a half, the latest st
This Week’s NFT Sales Dropped by 13%, Ronin Markets Rebound, Clonex Climbs Higher
This Week"s NFT Sales Dropped by 13%, Ronin Markets Rebound, Clonex Climbs Higher Non-fungible token (NFT) sales have been lackluster this past week, as the aggregate sales volume
Bitcoin Mining Difficulty Reaches All-Time High as Miners Face Second-Largest Increase This Year
Bitcoin Mining Difficulty Reaches All-Time High as Miners Face Second-Largest Increase This Year Bitcoin’s mining difficulty reached an all-time high (ATH) on Feb. 24, 2023,
Wisdomtree Files ETF With 5% Bitcoin Exposure Amid SEC Resistance
Wisdomtree Files ETF With 5% Bitcoin Exposure Amid SEC ResistanceWisdomtree has filed for a commodity fund with 5% exposure to bitcoin, in a fresh attempt to bring an exchange-trade
Ana Paula Pereira6 hours agodYdX raises margin requirements in some markets, bans “highly profitable trades”The decentralized exchange increased margin requirements on several markets on Nov. 18, after an alleged tar
‘Money-hungry VCs’ are bad for token launches in the long term — Analyst
Zoltan Vardai11 hours ago‘Money-hungry VCs’ are bad for token launches in the long term — AnalystCurrent inflows into altcoins are insufficient to offset some of the big token unlocks and selling pressure from VCs.
Clesson Co. Ltd: The Operating Company of LABEL Foundation Receives $2 Million Equity Funding From Groom Investments and eBEST Investments & Securities
Clesson Co. Ltd: The Operating Company of LABEL Foundation Receives $2 Million Equity Funding From Groom Investments and eBEST Investments & Securities press release PRESS RELEASE.
Prestmit, A Platform For Nigerians To Buy & Sell Gift Cards And Bitcoins
Prestmit, A Platform For Nigerians To Buy & Sell Gift Cards And Bitcoins Due to the advancement of cryptocurrency and the widespread of gift cards in the Nigerian market, Prestmi