A spokesperson for the platform revealed that the world's leading digital asset exchange Coinan does not intend to freeze the accounts of Russian individuals. He further argued that "cryptocurrencies are designed to provide greater financial freedom" and that such a move could oppose the concept of the industry.
Consistent with Kraken
Russia's "special military operations" in Ukraine appear to be far from over as tensions between the two countries continue to escalate. For now, the United States, the European Union and other "major powers" are staying away from a direct military conflict. However, they have imposed severe financial sanctions on Russia, aimed at destabilizing it.
In addition to these measures, Ukrainian Deputy Prime Minister Mykhailo Fedorov urged major cryptocurrency trading venues to help Ukraine's defense by blocking the blockchain addresses of all Russian users.
According to CNBC, Coin will not comply with his request because most of these accounts belong to "innocent" individuals unrelated to the conflict.
“We do not unilaterally freeze the accounts of millions of innocent users,” a company spokesperson said.
The decentralized nature of digital assets is often seen as a symbol of freedom and independence from traditional monetary institutions. That said, the spokesperson added that such a decision may "go against the reason for the existence of cryptocurrencies".
On the other hand, Cryptocurrency vowed to limit its services to Russian individuals who "impose sanctions on them while minimizing the impact on innocent users.
Earlier today, Kraken's CEO – Jesse Powell – took a similar stance. He described Bitcoin and cryptocurrency as the embodiment of libertarian values, and therefore it would be wrong to freeze the accounts of all Russian customers. He also assumes that many of the exchange's users may be opposed to the war.
Cryptocurrency Donates $10 Million to Ukraine
Despite refusing to limit its service to Russian users, Coin has shown its support for Ukraine in the conflict by donating $10 million to the country.
“This donation will be allocated to key intergovernmental and non-profit organizations already on the ground, including UNICEF, UNHCR, UNHCR, iSans and people in need, to help support the children and families on display in Ukraine and its neighboring countries,” the company said.
Since the Russian invasion began, Ukraine has raised about $20 million worth of digital currency donations. Notably, one donation is equivalent to $3 million in Bitcoin.
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