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The U.S., U.K., Canada and the European Union jointly announced over the beginning of the month that they would ban Russian banks from using the System for International Settlements (SWIFT) in order to sanction Russia for aggression against Ukraine, but industry players remain concerned that cryptocurrencies could be used by Russia to evade Western sanctions. In response, Ukrainian Deputy Prime Minister Mykhailo Fedorov asked major cryptocurrency exchanges to block all Russian users, but Binance, Coinbase, and Kraken refused.
According to reports, in order to avoid sanctions, the Russian government and billionaires began to use cryptocurrencies to hide "Dark Money" (Dark Money), with a total amount of 1 trillion US dollars. In addition, there are rumors that the Russian Kremlin plans to invest tens of billions of rubles to buy Bitcoin in response to sanctions from Europe and the United States. To this end, the White House is considering a new set of sanctions against Russia, intending to include cryptocurrencies on the sanctions list.
Mykhailo Fedorov tweeted on Sunday, imploring "all major cryptocurrency exchanges to block addresses of Russian users." It is worth noting that he not only called for the freezing of cryptocurrency accounts related to Russian and Belarusian politicians, but also the addresses of ordinary users.
In response to a request from Ukrainian government officials, cryptocurrency exchange Coinbase said it “will not ban all Coinbase transactions involving Russian addresses.
Coinbase is currently closed to Russian users, but has also not restricted its customers from transacting with Russian addresses. "We will continue to enforce all imposed sanctions, including blocking accounts and transactions associated with sanctioned individuals or entities," the spokesman said.
At the same time, a spokesperson for the cryptocurrency exchange Binance also told the media that the exchange would never " " because doing so would be "contrary to the purpose of cryptocurrencies."
However, Binance also noted that “necessary measures are being taken to ensure that we take action against those companies that are sanctioned, while minimizing the impact on innocent users. If the international community further expands these sanctions, we will actively enforce them as well.” "
Jesse Powell, CEO of Kraken, another cryptocurrency exchange, expressed a similar stance, saying he could understand the rationale for the request, and even though he has deep respect for the Ukrainian people, Kraken cannot without a legal requirement. Privately freeze accounts of Russian customers. He tweeted:
Hopefully our mission is fulfilled by focusing on "individual needs" rather than catering to the needs of any government or political faction. Civilian money is people's "life-saving talisman", a weapon of peace, not an ordnance of war.
Crypto.com declined to comment for this story, and FTX founder Sam Bankman-Fried has not responded to a request for comment.
DMarket, a Ukrainian cryptocurrency platform mainly used for trading game virtual items and NFTs, responded to Mykhailo Fedorov’s call, saying that it had cut off all ties with Russia and Belarus, and froze the existing accounts of users in these two countries. New user registrations from these two countries are then accepted.

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