Brian Armstrong, the CEO of Coinbase, announces his opinion regarding the call for a ban on Russian users from crypto exchanges. In the absence of a new law, Armstrong is against this decision.
Armstrong notes one of the strongest reasons that the exchange will not restrict Russian users. It has mainly to do with the majority of the Russian people opposing their president’s decision to go to war against Ukraine. Because of this, many people claim that the Russian people are not to blame for the events in Ukraine. This claim makes banning Russian people from centralized cryptocurrency exchanges unethical.
However, the NASDAQ-listed trading corporation has maintained its current ban on Russian users. In regard, Armstrong said that the exchange’s attitude might alter in the future. This will happen if American legislators or the Executive decide to establish a new set of rules to assist in relations with Russian customers.
The Exchanges’ Choice
According to Armstrong, everyone deserves access to fundamental financial services until a new law is passed. In addition, his tweet emphasized that some regular Russians are utilizing crypto now that their currency has collapsed. As a result, a prohibition would hurt them as well. Nonetheless, Armstrong stated that they will comply with any restrictions imposed by the United States government.
As the invasion of Ukraine started on the 24th of February, many nations throughout the globe have issued sanctions to isolate Russia economically. As a result, Visa and Mastercard have also indicated that they would ban their services to Russian customers.
For their part, several crypto-related firms like FlexPool have terminated service to Russian customers. Meanwhile, It’s still unclear if trading platforms like Coinbase and Revolut would follow suit.
Furthermore, Armstrong ruled out the possibility of Russian oligarchs using cryptocurrency to drain illegal money. Nonetheless, the conflict in Ukraine is still unfolding. That is why exchanges may be compelled to take a side if Russia’s war against Ukraine continues in the long term.