Market Analysis Report (01 Mar 2022)

Time Stamp: March 1, 2022 5:29 AM
Source Node: 1618918

Popular cryptocurrency exchanges Binance, KuCoin, Kraken and Coinbase have denied a request from Ukraine’s Vice Prime Minister and Minister of Digital Transformation Mykhailo Fedorov to block Russian users from their platforms.

Binance responded to the request saying it will block the accounts of Russian individuals who have been sanctioned but won’t “unilaterally” freeze the accounts of all of its Russian users. A spokesperson for the Exchange was quoted saying:

“Crypto is meant to provide greater financial freedom for people across the globe. To unilaterally decide to ban people’s access to their crypto would fly in the face of the reason why crypto exists.”

Similarly, Coinbase responded saying it will “not institute a blanket ban on all Coinbase transactions involving Russian addresses,” adding that such a move would “punish ordinary Russian citizens who are enduring historic currency destabilization as a result of their government’s aggression against a democratic neighbor.”

Kraken’s CEO Jesse Powell has said on social media that the firm “cannot freeze the accounts of our Russian clients without a legal requirement to do so.” KuCoin responded to the request saying it would not freeze Russian user accounts “without a legal requirement.”

Ukraine has been relying on crowdfunding methods to raise funds. Cryptocurrency donations sent to the Ukrainian government and several non-governmental organizations meant to support the country amidst its ongoing war with Russia have topped $30 million.

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