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Binance and Coinbase dismiss Ukraine's request

Andy Vilchez
3 min read
Binance and other platforms will not suspend Russia from their services.

A few days ago it became known that Ukraine asked Binance and Coinbase to stop serving Russia. This as a measure to further suffocate the economy of that country.

Binance and Coinbase are two of the largest exchangers in the world and move millions of dollars every day. Restricting the use of these platforms to Russian citizens, businesses, and politicians would be a huge blow, especially to citizens.

However, the Russians will be able to rest easy, as both platforms have rejected Ukraine's request to ban access to the Russians.

Binance CEO: Banning the use of the platform would be unethical

Binance CEO considers it unethical to ban Russians from using his platform.

According to the Binance CEO's own words, complying with Ukraine's request would be unethical. Binance has already prohibited the use of the platform to all those specific people who have been sanctioned, both by the United States and the European Union.

However, prohibiting the use for all citizens and companies that have nothing to do with decision-making would not be ethical. That is why the cryptocurrency exchange platforms have ended up rejecting this request.

The fear that these platforms will be used to evade sanctions

Russia has a large number of users and they carry out millions of transactions.

The biggest concern that people have is that Russia will end up using these types of platforms to evade sanctions. That is why this request has been made.

However, the CEO of Binance has said that the platform is complying with the legal requirements of the US and the European Union. In fact, the company has been in charge of blocking all the people who are sanctioned, including high-ranking officials of the Russian government.

Coinbase and Kraken also join Binance

Coinbase and Kraken are also not going to ban users from Russia from using their platform.

Other platforms to which the Ukrainian government had also requested the suspension of their services to Russia were Coinbase and Kraken. In both cases, the answer was the same, the platforms would continue to provide their services to the country.

As reported, large technology companies such as Facebook or Google had not suspended their services in Russia. In this sense, they would not either.

From the legal point of view, the three companies are acting appropriately. However, the Ukrainian government expects a little more commitment and understanding from the platforms.

Millions of transactions are carried out from Russia every day

From Russia, millions of transactions are made every day through these platforms. That is why Ukraine sought to close the tap with the help of these. However, for the moment, it does not seem that they are going to stop.


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