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Crypto execs' reactions to economic sanctions against Russia

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In the United States and most western nations, most banks are prohibited from dealing with Russian companies or exchanging money


As the West and America tighten sanctions against Russia, concerns have been raised about how this will affect the cryptocurrency market.

Business in the United States and other western nations is restricted from doing business with Russian banks and the national wealth fund due to its isolation from the SWIFT international payment system.

There have been comments from executives at crypto exchanges about the sanctions and their effects. Binance's CEO, Changpeng Zhao, recently expressed his thoughts about this matter on Twitter. He said the majority of banks adhere to sanctions and that cryptocurrency exchanges such as Binance follow them too.

In order to avoid such undesirable scenarios, Garlinghouse said that cryptocurrency exchanges have implemented stringent rules, such as those that require their customers to comply with Know Your Customer and Anti-Money Laundering standards.

Garlinghouse's position echoes that of Ripple's General Manager, Asheesh Birla, who said that crypto transactions are becoming increasingly traceable by governments and software, meaning Russia cannot make use of them to get around financial restrictions.

Brian Armstrong, CEO of Coinbase, also holds this opinion and argues that cryptocurrencies should not be used to circumvent sanctions. In his view, every United States firm should comply with the law; it does not matter if it is engaged in "dollars, crypto gold, real estate" or other types of non-financial assets. Sanctions rules are applied equally to all companies and individuals, according to Armstrong.

Nevertheless, Coinbase's CEO added that the company was not "preemptively" banning Russian users because everyone deserves access to basic financial services "unless the law says otherwise." Therefore, Russia is not a supported region by Coinbase.

Also, Read - Russia-Ukraine war keeps Moscow Stock Exchange (MOEX) offline

MOEX website has been offline since Monday, with Ukraine’s IT army claiming responsibility for the "hack." Meanwhile, the Saint Petersburg Stock Exchange (SPB) also remains closed but will open for limited trading on Thursday.

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