HomeCRYPTOCURRENCIESBinance will block Russian users penalized by financial sanctions • ENTER.CO

Binance will block Russian users penalized by financial sanctions • ENTER.CO

The Minister of Digital Transformation of Ukraine, Mykhailo Fedorov, has addressed companies such as Apple, Google, YouTube, SpaceX, Meta, Visa and Mastercard to request support from their platforms in his fight against Russia. The technological and financial sectors are playing a crucial role in the development of the military occupation that Vladimir Putin’s army has undertaken in Ukraine, and for this reason, on February 27, the official also referred to Binance, the exchange of most popular cryptocurrency in the world, in order to motivate it to take actions that may prevent any user from Russia and Belarus from making transactions through its service.

Binance responded to Fedorov’s request, assuring, in the words of a spokesperson for the platform, that the company will not restrict the activity of innocent Russian citizens or freeze their funds, as such a measure would go against its own philosophy. behind cryptocurrencies that, unlike traditional banking, defends the idea of ​​offering greater financial freedom.

However, the exchange did announce on Monday, February 28, that, despite the intention expressed last month to expand operations in Russia, Binance will block the accounts of users that appear on the lists of sanctions by the US, the European Commission and the countries that oppose the war unleashed in Ukraine.

Since 2019, the company allows its users to deposit and withdraw Russian rubles through the Advcash payment company: a company that, according to Reuters, warns that the only users who could find fault with their service would be those who have accounts opened in any of the banks expelled from the SWIFT network.

Images: Unsplash

Must Read