Major exchanges are betting their controls are strong enough to block any activity linked to sanctioned oligarchs or companies. If Coinbase and others get it wrong, regulators could crush the life out of them, write LiamWardProud, Pranav Kiran:
Cryptocurrency exchanges Coinbase and Binance will continue to let Russians use their services while blocking the accounts of any clients targeted by sanctions.
"We're blocking accounts of those on the sanctions list and ensuring that all sanctions are met in full," a spokesperson for the company said on Feb. 28, according to Reuters. Binance said on March 3 that cardholders of sanctioned Russian banks would not be able to use them on their platform. Ukraine's Vice Prime Minister Mykhailo Fedorov on Feb. 27 asked crypto exchanges to block the digital wallet addresses of Russian users, a move that would effectively stamp out their ability to trade crypto.Russian rouble banknotes and representations of the cryptocurrency Bitcoin are seen in this illustration taken March 1, 2022.
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