Ukraine Asks Binance, Coinbase, 6 Other Crypto Exchanges to Block Russian Users
Categories: Crypto News
Ukraine's Ministry of Digital Transformation is sending official letters to eight cryptocurrency exchanges, requesting them to stop servicing Russian users because of concerns that digital currencies are being used to evade sanctions.The ministry is reaching out to Coinbase, Binance, Huobi, KuCoin, Bybit, Gate.io and Whitebit, along with Ukrainian exchange Kuna, according to a list shared with CoinDesk. The letters are being sent after Mykhailo Fedorov, Ukraine's vice prime minister and minister of digital transformation, on Sunday night asked all major crypto exchanges to block addresses of Russian users.Global crypto exchange Binance told CoinDesk that it had no plans to unilaterally ban Russian users from the platform. The U.S. Treasury on Monday morning moved to add regulations to thwart the evasion of sanctions by Russians as the country continues its aggression toward Ukraine. The new regulations prohibit the "deceptive or structured transactions or dealings to circumvent any United States sanctions, including through the use of digital currencies or assets or the use of physical assets." In a statement, Coinbase said it won't be instituting any blanket bans on transactions involving Russian addresses, but will block those accounts or transactions that may involve sanctioned individuals or entities. Coinbase said its "mission is to increase economic freedom .A unilateral and total ban would punish ordinary Russian citizens."Meanwhile, Michael Chobanian, the founder of Ukrainian crypto exchange Kuna, said Russian users have already been blocked from the platform.