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Ukraine Asked Binance and Other Crypto Exchanges for blocking the Russian Users

The U.S. authorities have added regulations which aimed at uncomfortable use of digital currencies to evade the sanctions. The Digital Transformation Ministry of Ukraine sends official letter to different crypto and binance exchange. They requested to stop offering service to Russian Users. The reason is mainly that the digital currencies are used for evading the sanctions.

Ministry sent letter to Binance and other Crypto Excahnge

This ministry has reached to Binance, Coinbase, Whitebit, Huobi, Bybit, KuCoin and with Ukrainian exchange Kuna. These letters are sent by Mykhailo Fedorov, the vice prime minister of Ukraine and minister of the digital transformation. In the letter they had asked all key crypto exchanges for blocking the addresses of various Russian users.

On the other hand, the international crypto exchange Binance said that it had absolutely no plans to individually ban the Russian users from digital platform.

Also, we are also now taking the steps important which make sure that we take action against the one which have sanctions that are levied against them. Though this also helps to minimize the impact to various innocent users. Should such kind of the international community extend those to the sanctions further. This we may also apply aggressively also.

Issued additional regulation!

U.S. Treasury moved with the additional regulations to thwart complete evasion of the sanctions through Russians as a country continues the level of aggression toward the Ukraine. With the new regulation coming up that prohibit “deceptive as well as structured transactions along with the dealings to the avoid the sanctions of United States. This includes through use of the digital currencies. It can be Binance as well as other assets with the proper use of the physical assets.”

It was also confirm that this won’t be actually instituting the blanket bans on the transactions which involve the Russian addresses. Though this will also block the accounts as well as the transactions which might involve sanctioned entities and people.


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