crypto consider ukraine call to freeze

An excerpt from Powell’s tweet reads:

“I understand the rationale for this request but, despite my deep respect for the Ukrainian people, Kraken 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.”

Following the response from both exchanges, Ukrainian authorities are reportedly moving towards legal demands and official sanctions in a bid to strongarm crypto platforms into freezing accounts belonging to Russian and Belarusian users.

Yulia Parkhomenko, head of the virtual assets expert group at Ukraine’s Ministry of Digital Transformation, disclosed on Monday (February 28, 2022) that the government is preparing letters and appeal to that effect.

Assets and skins have not been confiscated and remain in user accounts, but DMarket says “access to their use is currently limited.” The Russian Ruble has also been removed from the platform.

Fedorov applauded the decision, calling the organization “Nowadays Robin Hoods.”

Cryptocurrency giants may not consider bans, but they are contributing to other efforts. Binance said it would donate $10 million to humanitarian efforts in Ukraine, and Crypto.com has made a $1 million donation to the Red Cross.

“We urge our community to do what they can to support humanitarian efforts,” Crypto.com said.

In related news, Fedorov published a list of cryptocurrency wallet addresses for donations to Ukraine.
According to blockchain analysis provider Elliptic, $24.6 million through over 26,000 cryptoasset donations has been raised at the time of writing.

Crypto consider ukraine call to freeze

Nowadays Robin Hoods. Bravo,” Fedorov stated. He also cited the ongoing measures taken by the social media giant Meta regarding Russia’s attack on Ukraine.

Ukrainian-born startup DMarket cuts all relationships with Russia and Belarus due to the invasion of Ukraine.

– The registration on the platform is prohibited for users from Russia and Belarus;

– Accounts of previously registered users from these areas are frozen;

— DMarket (@dmarket) February 27, 2022

Fedorov’s appeals could potentially be catastrophic for the Russian cryptocurrency market, as Russians were estimated to hold more than $200 billion in crypto as of early February.

As the Russian ruble has been plummeting against the U.S. dollar and the euro, Russians have been increasingly cashing out their bank holdings and apparently considering crypto investments.

Now we have a technology that benefits everybody equally. And it’s inspiring to see that people now have this, like, backup plan.

ALLYN: More and more aid groups are trying to make crypto accessible to Ukrainians.
But the world of cryptocurrency is complicated. It requires real tech savvy, navigating a host of apps and online marketplaces – likely not top of mind for people in the midst of war.

Bobby Allyn, NPR News.

(SOUNDBITE OF RATATAT’S “LOUD PIPES”)

Copyright © 2022 NPR. All rights reserved. Visit our website terms of use and permissions pages at www.npr.org for further information.

NPR transcripts are created on a rush deadline by an NPR contractor.
This text may not be in its final form and may be updated or revised in the future. Accuracy and availability may vary.

However, banning all crypto companies from offering services to ordinary Russians would not make sense and would cause more harm for everyday people than good,” LocalBitcoins chief marketing officer Jukka Blomberg told Cointelegraph.

Kraken CEO Jesse Powell also said that the Kraken exchange will not be able to freeze the accounts of the exchange’s Russian clients without a legal requirement. “Russians should be aware that such a requirement could be imminent,” he added. Powell previously recommended Kraken users move their crypto assets out of the exchanges, referring to Canada’s Emergency Act freezing the crypto of dissidents.

However, banning all crypto companies from offering services to ordinary Russians, would not make sense and would cause more harm for everyday people than good,” LocalBitcoins chief marketing officer Jukka Blomberg told Cointelegraph.

Kraken CEO Jesse Powell also said that Kraken exchange will not be able to freeze the accounts of the exchange’s Russian clients without a legal requirement. “Russians should be aware that such a requirement could be imminent,” he added. Powell previously recommended Kraken users to move their crypto assets out of the exchanges, referring to Canada’s Emergency Act freezing the crypto of dissidents.

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. #NYKNYChttps://t.co/bMRrJzgF8N

— Jesse Powell (@jespow) February 28, 2022

The act had pushed crypto companies to freeze Bitcoin (BTC) wallets related to local anti-vaccine protests in mid-February.

While it’s yet to be seen whether other crypto exchanges opt to freeze Russia’s crypto assets, many crypto companies have been actively working to support Ukrainian refugees and soldiers.

On Sunday, Binance launched the Ukraine Emergency Relief Fund to provide emergency relief through crypto crowdfunding.

Ukraine, Mykhailo Federov, asked crypto exchanges and platforms to block Russians from accessing virtual currency services.

Federov also called on exchanges to include users from Belarus in the geoban. However, two major exchanges have responded saying that freezing Russian crypto accounts contradicts the ethos of blockchain technology.

Reuters reported that a Binance spokesperson said that the world’s largest crypto exchange will not freeze millions of innocent users’ accounts unilaterally.
The representative added that decentralized technology is underpinned by a philosophy designed to provide greater financial freedom for people across the world.

Chief executive officer of Kraken, Jesse Powell, also weighed in on the issue through a tweet and emphasized that any ban must be facilitated through legal channels.

ReactJS for building web applications. Right from the start, the front-end library ReactJS gave our developers a robust option to build attractive UIs and also our clients to hire skill-ready ReactJS developers on an ad hoc basis. In this article, we will discuss all aspects of ReactJS, including how React transformed the dimensions of web development, combining the benefits and when & where to use it in the web development space.
Let’s get started; Table Of Content The Advent of React: What is ReactJS ReactJS in 2022 The Popularity of ReactJS Among Tech Leaders Why Should You Use React JS for Web Development Where to Use React for Web Development? When to Use ReactJS for Web Development The Advent of React: What is ReactJS It was 2015 when React came into being and revolutionized the web development arena by offering a robust front-end framework to developers.

Welcome back to the Tribe! In this post we dive into the recent news that Binance and Kraken will not block Russian crypto accounts.

Nothing should be considered investment or financial advice. Enjoy the ride!

Russian Crypto Accounts

Major cryptocurrency exchanges Kraken and Binance have said that freezing the accounts of users in Russia is out of the question. The comments come after Ukrainian officials call for both exchanges to block Russian accounts. However, representatives from Kraken emphasized that a freeze could happen following mounting pressure from legislators.

Binance and Kraken Say No To Blocking Russian Crypto Accounts

As the turmoil between Ukraine and Russia continues, government officials have suggested crypto-focused sanctions in a bid to slow down President Putin’s military operations.

Officially the exchange says that a ban of that nature would go against the company’s main principle of financial freedom.

“We are not going to unilaterally freeze millions of innocent users’ accounts. Crypto is meant to provide greater financial freedom for people across the globe.”

At the same time the Binance spokesperson did say that Binance would be taking action to sanction the accounts of any sanctioned individual or organization, while leaving accounts of innocent users untouched.

Both LocalBitcoins and Kraken made statements indicating that they would comply with legal sanctions, but that a full scale ban of Russian users was not in consideration.

LocalBitcoins marketing officer Jukka Blomberg had this to say:

“We think that the sanctions will be inevitable by naming new sanctioned persons as US/OFAC has done in the past.

Similar Posts:

Leave a comment