By Shelly Melancon (Switzerland)
Currency.com has joined the list of exchanges that have banned Russian users from trading on the popular cryptocurrency exchange. The Belarusian exchange platform made it known on Tuesday that it would restrict Russians from accessing some of its services following the Ukrainian invasion.
According to the blog post published on their website, the exchange voiced their condemnation of the Ukraine invasion by Russia in all ramifications, adding that the act has unleashed terror upon Ukrainians. The virtual currency trading platform said it would support Ukraine and everyone against oppression. Therefore, the reason for halting services to Russian residents.
Cryptocurrency Sanctions Against Russia Stiffens
Following the invasion, many nations globally imposed blockades on Russia, from accessing the SWIFT payment network and their assets in foreign countries to trading with other countries. Of course, the effect was massive on both the Russian Roble and gas prices across the globe. The Russian economy is almost on the verge of collapse, while gas prices are at their record high.
Surprisingly, the sanctions also extended to Belarus because the U.S. and its allies thought the country was on the side of Russia. Many accused Belarus of being Russia’s ally and lending their territories to the nation to plan their attacks against Ukraine.
Also read:Crypto sanctions came later. The West believed Russia could hatch a ploy to circumvent the economic sanctions through cryptocurrency, which is yet to be properly regulated in different jurisdictions. Following the sanctions and warnings by U.S. Treasury on helping Russia and its Oligarchs, many crypto exchanges began suspending Russian individuals on the sanction list from accessing their services.
Some Crypto Exchanges Oppose the Sanctions
Cryptocurrency platforms, such as Coinbase, Binance, and Kraken have opinionated reasons for opposing the sanctions. According to Kraken, no law warrants an exchange to suspend trading services to sanctioned individuals.
Coinbase’s Brian Armstrong said the sanctions are biting hard on ordinary Russians, who have lost their life savings. Russians not on the sanction list are using crypto as an alternative lifeline following the collapse of Roble. Armstrong said a ban isn’t what these users need at the moment, given the circumstances.
Lately, the West has been focusing more on virtual currencies, such as BTC and ETH, and other possible ways Russia could employ to circumvent sanctions. Popular crypto tracker Chainalysis has allayed fears about any suspicious crypto activity across exchanges. Several analysts and the U.S. Treasury have discarded any possibility that an economy as gargantuan as Russia would be revived by digital currencies.
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