Coinbase, Binance resist calls to kick Russians off crypto platforms

Coinbase, Binance resist calls to kick Russians off crypto platforms

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Key Facts

  • (Reuters)Two of the world's biggest cryptocurrency exchanges, Coinbase Global Inc and Binance, rejected calls on Friday for a blanket ban on all Russian users to stop their platforms from being used as a way round Western sanctions.
  • By staying put in Russia despite the invasion of Ukraine, the two exchanges are diverging from mainstream finance in a way some anti-money laundering experts and European regulators say weakens Western attempts to isolate Moscow.
  • "We are not going to unilaterally freeze millions of innocent users' accounts," a spokesperson of Binance, the world's biggest crypto exchange, said in an emailed statement to Reuters.
  • The price of bitcoin has jumped following the Russian invasion of Ukraine, as people in those countries look to store and move money in anonymous and decentralized crypto.

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