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Russians not only have the ability to make transactions in crypto – they still have access to the biggest fiat on/off ramp in the world.
The logical thing to do would have been: as soon as Putin gave that hour-long history lesson justifying a war in the Ukraine, to go on Binance and dump all of their rubles into Bitcoin. Then, they should have moved it into a private wallet. Then, whenever they needed cash, they could use Binance to exchange the Bitcoin.
This would have save all of their wealth that they were holding in rubles.
But hindsight is 20/20, of course.
Binance.com, the world’s largest centralized cryptocurrency exchange, has rejected calls from the Ukrainian government to blacklist Russian users, saying it would “fly in the face” of the pro-freedom values of cryptocurrency to stop ordinary users from accessing the service.
“We are not going to unilaterally freeze millions of innocent users’ accounts,” a Binance spokesperson told CNBC.
“Crypto is meant to provide greater financial freedom for people across the globe. To unilaterally decide to ban people’s access to their crypto would fly in the face of the reason why crypto exists.”
Binance’s comments come after the vice prime minister of Ukraine, Mykhailo Fedorov, called on cryptocurrency exchanges to block access to Russians, including ordinary citizens of the country.
“I’m asking all major crypto exchanges to block addresses of Russian users,” said Fedorov, in a post on Twitter. “It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.”
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.
— Mykhailo Fedorov (@FedorovMykhailo) February 27, 2022
Binance said it would continue to take steps against individuals subject to official government sanctions, but would not penalize ordinary users.
“Should the international community widen those sanctions further, we will apply those aggressively as well,” the Binance spokesperson told CNBC.
As a centralized exchange, Binance has the power to freeze a user’s cryptocurrency funds in much the same ways as a bank.
Yeah, but if they did their entire business model would collapse, and they aren’t going to because they’re a company run by the Chinese out of the Caribbean.
The Jews set up this concept of untouchable financial havens in island micro-nations, and now they’re going to have to live with the facts of them.
Bitcoin can’t be stopped.
