Claim $500Breaking: Major Crypto Exchanges Respond To Ukraine’s Call To Ban Crypto For Russians
Ukraine on Sunday requested major crypto exchanges to block addresses linked to Russia and Belarus, amid growing speculation that Moscow could use the platform to subvert recent economic sanctions. But the request was criticized by the crypto community.
Mykhailo Fedorov, Vice Prime Minister and Minister of Digital Transformation of Ukraine, tweeted the request on Sunday. This was shortly after the United States and its allies blocked several Russian banks from the SWIFT transaction system. A bulk of Moscow’s offshore assets were also frozen.
I’m asking all major crypto exchanges to block addresses of Russian users. It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.
-Fedorov
Fedorov’s comments come amid increasing concerns that Russia could use crypto to fund international trade, after being blocked from most international platforms. The country is one of the largest crypto holders in the world, representing about 12% of overall market capitalization.
Crypto community against Russian expulsion
But Fedorov’s request faced backlash from the community, with many stating that the move would be against the decentralized, non-politicized nature of crypto.
Kraken CEO Jesse Powell said while he respected the sentiment, considering Russia’s invasion of Ukraine, he would not block Russian users. Kraken is one of the largest crypto platforms in the country.
1/6 I understand the rationale for this request but, despite my deep respect for the Ukrainian people, @krakenfx cannot freeze the accounts of our Russian clients without a legal requirement to do so.
Russians should be aware that such a requirement could be imminent. #NYKNYC https://t.co/bMRrJzgF8N
— Jesse Powell (@jespow) February 28, 2022
Ukraine has raised more than $10 million through crypto donations, with top-ranking government officials sharing an official address.
Binance, the world’s largest crypto exchange, said it was taking actions against the entities blacklisted by the West, while minimizing the impact to innocent users, the Wall Street Journal reports.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Fed Injects Another $22.8B as Bitcoin Rises Amid Maduro Indictment
- Crypto Investors Fear Market Crash as U.S. Captures Venezuelan President Maduro
- XRP Flips BNB to Become Third-Largest Crypto as $14M ETF Inflows Fuel Breakout Rally
- SEC Anti-Crypto Commissioner Caroline Crenshaw Departs After Five Years
- U.S Government Shutdown Fears Ease as Traders Cut Odds to 27%, Here’s Why
- MSTR Stock Price Prediction 2026: Wall Street Senior Analyst Targets $500
- XRP Price Reclaims $2 After 10% Breakout: How High Can It Climb in January 2026?
- Ethereum Price Prediction 2026 As Vitalik Buterin Unveils New Scaling Roadmap
- Bitcoin and XRP Price Prediction 2026 Ahead of US Crypto Reserve, CLARITY Act
- Analyst Predicts Cardano Price to Surge 103% to $0.75 as Midnight, Leios Launch Near
- Dogecoin Price Jumps 10% as Whales Scoop Up 220M DOGE; What’s Next?
