Crypto Exchange Giant Binance Will Not Block Russian Accounts

• On Sunday, Ukrainian prime minister, Mykhailo Fedorov demanded that major cryptocurrency exchanges block the accounts of Russian users

• Binance has announced that it will not be blocking the accounts of “millions of innocent users”

• Jesse Powell, CEO of Kraken has also disclosed that the company cannot freeze the accounts of Russian clients “without a legal requirement to do so”

World’s biggest crypto exchange Binance announced on Monday that it will not “unilaterally” freeze the accounts of Russian users, despite demands by Ukraine’s vice prime minister for crypto exchanges to do so.

A statement from the exchange giant’s spokesperson to CNBC says:

“We are not going to unilaterally freeze millions of innocent users’ accounts,”

The spokesperson added that restricting people’s accounts would go against the reason for crypto’s existence.

The tweet made by Mykhailo Fedorov on Sunday reads:

“It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians but also to sabotage ordinary users,”

Although Russia has been attacking Ukraine’s major cities for the past 5 days, the country’s forces are believed to have mostly repelled the attack.

Read also: Ukraine Cryptocurrency Donations  Reach $4 Million

Binance however divulged that it is taking action against those that have sanctions levied against, but it will minimize the impact to innocent users while doing so.

Also, Jesse Powell, CEO of Kraken, another major cryptocurrency exchange announced on Twitter that the company will not be freezing the accounts of our Russian clients without a legal requirement.

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