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Monday, February 28, 2022

Crypto Exchange Binance To Freeze Russian Accounts Targeted By Sanctions

Binance, Russia, Putin, Crypto
The United States and European Commission have agreed to introduce economic sanctions on Russia in retaliation for the invasion of Ukraine. Monday morning, they already crippled Russian banks from the SWIFT international payment system, an inter-bank messaging network facilitating secure cross-border payments between thousands of banks worldwide.

In a message delivered by Reuters on Monday, Binance, the major crypto exchange platform said it would block the accounts of Russian individuals who have been sanctioned but will not “unilaterally” freeze and restrict the accounts of all Russian users.

The comments come after Ukraine’s Vice Prime Minister Mykhailo Fedorov issued a plea on Twitter asking major cryptocurrency exchanges to block all Russian and Belarussian users to isolate them from the financial system.

“It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians but also to sabotage ordinary users,” he wrote on Twitter.


Moreover, Fedorov tweeted, “Ukrainian crypto community is ready to provide a generous reward for any information about crypto-wallets of Russian and Belarusian politicians and their surroundings. War crimes must be pursued and punished! To share info please contact in Telegram.”


Binance spokesperson said they would not freeze millions of innocent users’ accounts unilaterally as it was created to provide greater financial freedom for people across the globe. Indicating that ordinary Russian users can still access their profiles without restrictions.


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