Crypto exchange Coinbase stops short of blanket ban on Russian accounts
Reuters
Published Mar 01, 2022 11:40AM ET
(Reuters) - U.S. cryptocurrency exchange Coinbase (NASDAQ:COIN) Global Inc will continue to block accounts and transactions of Russian clients targeted by sanctions, but it stopped short of banning all users from the country.
"At this time, we will not institute a blanket ban on all Coinbase transactions involving Russian addresses," a Coinbase spokesperson said.
Binance, the world's biggest crypto exchange, has also said it would not freeze all Russian accounts, after Ukraine requested major crypto exchanges for a complete ban.
Western countries including the United States and Britain have imposed sweeping financial sanctions on Russia for invading Ukraine, with major Russian banks shut out of the SWIFT international payments system.
Trading volumes between the Russian rouble and the Tether cryptocurrency spiked sharply on Monday, indicating rising interest in crypto among Russians after the Western sanctions took a toll on the local currency.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.