Brian Armstrong, Coinbase CEO: If US Government Asks For A Total Russian Ban, We’ll Comply

04.03.2022 21:23
by Nina Petrov
2 min read

Brian Armstrong, the CEO of US largest exchange Coinbase, said that Russian accounts on his platform will be suspended if the U.S. government ever imposes such rules.

Until that happens, the exchange is not going to ban all Russian citizens from Coinbase, and only high-volume Russian accounts will be processed. The reason for such a stance is that the company believes everyone deserves access to basic financial services, including ordinary Russian citizens. Among them, there are a lot of people who resist the current situation and are using crypto to survive in times when their national currency is collapsing, Armstrong said.

Kraken and Binance took the similar stance, refusing to rush into banning all Russian accounts, but expressing the readiness to abide such legislation should it ever come into force.

Unlike these exchanges, Whitebit already took steps against Russian accounts. Trading in rubles is no longer possible on this platform, and citizens of Russia and Belarus can no longer make an account on Whitebit.

Although there has been a lot of concern in the public that Russia could use crypto to evade sanctions, such argumentation doesn’t seem to be realistic. As Armstrong explains in a Twitter post, “trying to sneak lots of money through crypto would be more traceable than using U.S. dollars cash, art, gold, or other assets.”

Author

  • Nina Petrov is a theoretical mathematician, passionate about new trends in the global economy and blockchain technology. She is a devoted content creator and editor, crypto-enthusiast and stock market analyst.

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