Belarus-born crypto platform stops operations for Russians in response to invasion of Ukraine

Crypto-trading company Currency.com has announced that it will stop operations for clients based in Russia following the “violence and unrest” of the country imposed on the people of Ukraine.

In a Tuesday announcement, Currency.com said Russian residents could no longer access their services following the platform’s decision to stop Russian-based clients opening new accounts. According to the Currency.com website, the Gibraltar-based crypto-trading platform has offices in Kiev, London and Vilnius, but was previously licensed and headquartered in Belarus.

“We condemn the Russian aggression in the strongest possible terms,” ​​said Vitalii Kedyk, head of strategy for the platform’s London operations and CEO of Currency.com’s Ukraine arm. “In these circumstances, we can no longer continue to serve our customers from Russia.”

Major crypto exchanges have responded to calls on social media to freeze Russia’s digital assets or otherwise restrict access to residents amid the country’s military invasion of Ukraine. A Binance spokesman told Cointelegraph in February that the exchange would not “unilaterally freeze millions of accounts of innocent users”, while Kraken CEO Jesse Powell pointed out that the only way it would be to allow Russian users access to crypto in response to sanctions.

Related: How crypto became a major source of relief for fighting Ukraine

However, many private companies, including credit card companies Visa and Mastercard, have announced the following February. 24 that they will reduce or stop operations in Russia in response to the war. The Ukrainian government, by contrast, has used crypto-platforms to solicit donations from around the world, and has raised more than $ 60 million at the time of publication.


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