Coinbase ‘Will Not Institute a Blanket Ban’ on All Transactions Tied to Russian Crypto Addresses

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Coinbase ‘Will Not Institute a Blanket Ban’ on All Transactions Tied to Russian Crypto Addresses – The popular cryptocurrency exchange Coinbase has responded to Ukrainian officials’ request to freeze all Russian users’ accounts. According to a Coinbase spokeswoman, the digital currency platform will not “impose a blanket ban” on ordinary Russian users.

According to reports, the Russian invasion has accelerated following the failure of ceasefire talks between Ukrainian and Russian officials at the border on Tuesday. A 40-mile military convoy has encircled Kyiv’s capital, according to reports, and “Kharkiv has become a vital battleground.”

Meanwhile, a number of exchanges have issued remarks in response to Ukraine’s vice prime minister’s request that digital currency exchanges “sabotage common users.”

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A Coinbase (Nasdaq: COIN) spokeswoman told Strachan that a request to block all Russian customers would be detrimental to “economic freedom.” In an email to Vice.com, Coinbase said, “At this point, we will not put a blanket restriction on all Coinbase transactions using Russian addresses.” “Instead, we will continue to enforce all penalties issued, including barring accounts and transactions involving sanctioned individuals or businesses.”

The Coinbase spokesperson went on to say:

Our objective is to increase global economic freedom. Ordinary Russian residents are suffering historic financial destabilization as a result of their government’s aggression towards a democratic neighbor, and a unilateral and absolute ban would punish them. As the invasion progresses, we stay vigilant and dedicated to doing our bit.

In addition to Coinbase’s statements concerning the situation in Ukraine, Coinberry, a Canadian exchange, said it will “make every attempt to protect our users from any type of overreach or unlawful action that may infringe on their rights”.

Johnny Lyu, the CEO of the crypto exchange Kucoin, told Strachan that the exchange was a “neutral platform” and would not encourage “activities that escalate” geopolitical tension.

However, a number of cryptocurrency firms have completely stopped serving Russia. Flexpool, the world’s fifth-largest ethereum mining operation, cut out Russian ethereum miners last week.

Three days ago, the crypto asset exchange Kuna delisted all crypto trading pairs tied to the Russian currency. Dmarket, a Ukrainian marketplace for non-fungible tokens (NFTs), also took action against Russian users.

Also Read: Russia May ‘Nationalize’ Foreign Assets in Response to Western Sanctions, Medvedev Says

Coinbase ‘Will Not Institute a Blanket Ban’ on All Transactions Tied to Russian Crypto Addresses – “Due to the invasion of Ukraine, Dmarket, a Ukrainian-born firm, has discontinued all ties with Russia and Belarus,” Dmarket tweeted. “Users from Russia and Belarus are forbidden from registering on the platform, and accounts of previously registered users from these countries have been frozen.”

All assets are still on user accounts, but access to them is restricted for the time being; Russian Ruble has been deleted from the platform,” Dmarket noted.

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