Crypto exchange exec says huge misinformation on ‘Sanctions on Russia’

Crypto exchange exec says huge misinformation on 'Sanctions on Russia' 2

An executive of a crypto exchange shared a very big issue that is going on in the world amid Russia vs Ukraine war and also people are considering themselves mistakenly about the Sanctions imposed on Russia.

On 5 March, a crypto news website TheBlock published a report and pointed out how the big companies are doing wrong with their decision to suspend their services for Russia ( including Russian government agencies and citizens).

TheBlock reported that, according to a crypto exchange Executive, people are under misconceptions because people are blindly following the news with each other and further it is resulting in some negative outcomes also. 

According to the report, Sanctions imposed on Russia only allow the crypto companies to ban/restrict the users of Russian rulers, which are playing the role of financial services & trade for Russia, not for the innocent citizens. 

The executive noted that all the crypto companies & exchanges will follow the financial sanctions imposed on Russia but they will not ban all Russian users, instead, they will only ban those IP addresses collected from the Office of Foreign Assets Control to blacklist certain Russian individuals and entities, which owns significant authorities of Russia (oligarchs). 

He also noted that big companies like Google, Revolut, PayPal like big companies ban on their services for Russian users is different from the crypto exchanges or companies because in the crypto space companies are showing their resistance against such sanctions and trying to provide the access to this industry to every person of this world. 

Crypto Companies against Sanctions on Russia 

However, the crypto industry showed its fully neutral stance on Russia vs Ukraine, where people from not only both countries but also from the whole world supported Ukraine.

Besides the suport for Ukraine, crypto Companies don’t want to see any kind of seizure or restrictions to their services for Russian users because they know very well that such actions are not better for innocent Russian crypto users. 

Recently Coinbase CEO tweeted that the Crypto financial system should be available to everyone and also will remain available, at least until they will not get any law order to do something. 

“(We) everyone deserves access to basic financial services unless the law says otherwise.”

Read also: CoinShares exec hints current situation may give a better image to Bitcoin