Coinbase will not freeze Russian accounts despite Ukraine’s request

The vice prime minister of Ukraine, Mykhailo Fedorov, has asked all the major exchanges to freeze the accounts of users in Russia and Belarus. However, some leading exchange platforms are already coming out to deny these requests.

Coinbase will not block Russian users

A spokesperson from Coinbase has stated that the exchange will not impose a blanket ban on Russian users despite the request from Ukraine.

“A unilateral and total ban would punish ordinary Russian citizens who are enduring historic currency destabilization as a result of their government’s aggression against a democratic neighbour,” the spokesperson said.

Ukraine has so far received $20 million worth of Bitcoin in donations. Most of these donations have gone towards the Ukraine military that is now fighting off the invasion by Russian forces.

Some of the most reputable people in the crypto community are already joining in these donations. The CEO of FTX, Sam Bankman-Fried, has said that each Ukrainian user will receive $25 in their accounts. Gavin Wood, Polkadot’s founder, has also pledged a $5 million donation.

Other exchanges deny the request

Other major exchanges have also followed suit and have denied this request by Ukraine. Kraken’s CEO was the first to air his opposition to such a move saying that it would require legal legislation.

“Our mission is better served by focusing on individual needs above those of any government or political faction. The people’s Money is an exit strategy for humans, a weapon for peace. Not for war,” Powell said.

Binance, the largest exchange globally by trading volumes, has also turned down this request. A spokesperson from the exchange talked with CNBC, saying,

Crypto is meant to provide greater financial freedom for people across the globe. To unilaterally decide to ban people’s access to their Crypto would fly in the face of the reason why Crypto exists.

Some of the other leading exchange platforms, such as CryptoCom and FTX, have yet to respond publicly to this request. Bankman-Fried is among the crypto executives who appeared for a congressional hearing to testify about the crypto sector.

The post Coinbase will not freeze Russian accounts despite Ukraine’s request appeared first on Invezz.