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Coinbase and Binance, the 2 largest crypto exchanges, have decided to continue their services in Russia despite a strong call from the world to impose a ban.
The Russian invasion of Ukraine has become a most discussed global issue over the last week. After the invasion of Ukraine, the US and its allies started to impose sanctions on Russians to paralyze the financial system of the country. Crypto donations are also being collected to help Ukraine. Every major institute started imposing a ban and shutting down its services in the country. A discussion started that the 2 largest crypto exchanges, Binance & Coinbase, should also ban Russians.
The 2 largest crypto exchanges decide not to ban Russians:
The 2 largest crypto exchanges have decided not to ban Russians from their platform. CEO of Coinbase, Brian Armstrong, discussed this issue on his Twitter handle in a series of tweets. He explained that everyone is entitled to access basic financial services unless the law states otherwise. He also mentioned that if the US government moves to ban the Russians then we will no choice but to impose a ban.
The spokesperson of Binance also explained that they are not going to ban Russians from using its platform. In an emailed statement to Reuters, he said that ‘we will not unilaterally freeze millions of innocent user accounts’. The US and many countries fear that Russian oligarch might transfer their assets in crypto and that’s why exchanges were urged to ban Russians. Both firms refused to ban all Russians but also said that they would abide by government restrictions.