Breaking: Major Crypto Exchanges Respond To Ukraine’s Call To Ban Crypto For Russians

Published by
Breaking: 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.

Advertisement

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.

He also cited the recent trucker rally in Canada, which saw the government block most financial avenues for protesters. But the government was unable to regulate non-custodial wallets, and as such, prevent crypto donations to the protest.

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.

The push for decentralized wallets was seen growing on social media, under the #NYKNYC- “Not your keys, not your coins.” Such wallets are not listed on any exchange, and as such, cannot be effectively regulated by any government.
Advertisement

Share
Ambar Warrick

With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn't trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns. You can reach him at ambar@coingape.com

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and 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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

CEA Industries’ BNB Holdings Reach 480K as Binance Coin Hits New ATH of $1,300

BNB has surged to a record $1,300, overtaking XRP in market value, as CEA Industries…

October 7, 2025
  • 24/7 Cryptocurrency News

Peter Brandt Predicts XRP Could Drop to $2.2 If This Happens

Veteran trader Peter Brandt has dropped another XRP analysis, in which he revealed what could…

October 7, 2025
  • 24/7 Cryptocurrency News

Fed’s Stephen Miran Says He’s ‘Sanguine’ on Inflation Outlook as He Backs More Rate Cuts

Federal Reserve Governor Stephen Miran has again suggested that he isn't worried about the inflation…

October 7, 2025
  • 24/7 Cryptocurrency News

S&P Launches Crypto 50 Index But There’s A Catch

S&P Dow Jones Indices has introduced a new crypto index called the S&P Digital Markets…

October 7, 2025
  • 24/7 Cryptocurrency News

NYSE Owner ICE to Invest $2B in Polymarket as Interest in Prediction Markets Heats Up

Crypto predictions platform Polymarket has secured a strategic investment from New York Stock Exchange (NYSE)…

October 7, 2025
  • 24/7 Cryptocurrency News

Expert Predicts SOL ETF Approval This Week as Solana ETPs Break All-Time Record

An expert has predicted that the U.S. SEC could finally approve the pending SOL ETF…

October 7, 2025