Wide-ranging sanctions and a humanitarian crisis in Ukraine sent technology firms, internet providers and credit card companies racing for the exits. But top crypto platforms have held firm on continuing to offer Russian users a potential digital haven.
Binance — the most widely used crypto trading platform globally — characterized the request as overreach. While the company said it’s complying with sanctions efforts and working with U.S. and international authorities, a wholesale freeze on Russian accounts “would fly in the face of the reason why crypto exists.”
Information on those addresses was provided to regulators to support sanctions enforcement, Grewal wrote. .In addition to blocking U.S. exchanges from taking on any Russian customers, it would codify a rule proposed by former Treasury Secretary Steven Mnuchin that would have required software companies and decentralized finance protocols to collect personal information on their users.
“Longstanding critics will naturally use this crisis narrative to effect the policies that they seek,” said Miller Whitehouse-Levine, policy director of the think tank DeFi Education Fund. and the NFT marketplace OpenSea released statements last week clarifying that addresses located in sanctioned countries would be removed from their platforms.
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