• February 28, 2024

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Coinbase Will Not Block All Russian Users

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US-based cryptocurrency exchange Coinbase has reported it will not restrict the operation of its trading platform for users from Russia, despite a request from the Ukrainian authorities.

Coinbase believes blocking all Russian users will “punish ordinary citizens.”

The Minister of Digital Transformation of Ukraine, Mikhail Fedorov, addressed on February 27 the largest crypto exchanges on Twitter with a call to block all Russian users. Fedorov noted it is important to impose restrictions not only on persons against whom sanctions were imposed, but also to block ordinary users.

The US authorities also asked the largest crypto exchanges to guarantee their trading platforms will not be used to circumvent anti-Russian sanctions. In particular, the authorities have contacted Binance, FTX, and Coinbase.