One of the first punitive measures leveled against Russia in response to the military invasion of Ukraine was the implementation of economic sanctions aimed at isolating the country from the international financial system. On March 12, Russian banksaccess to the international payments and messaging network SWIFT, and private sector payment companies, such as Visa, PayPal and Mastercard, were close behind.
And yet some of the most well-known crypto exchanges are still dragging their feet, reluctant to toe the line drawn by global policymakers and regulators. Binance, the world’s biggest exchange, as well as Coinbase and Kraken, have all shown empathy for the plight of Ukrainians, and some have frozen accounts linked to sanctioned individuals, but they have all stopped short of stepping back out of Russia or blocking all money flows into and out of the country.
The current crisis calls for a united collaborative response from every corner of every industry and provides a rare window for the global crypto sector to stand together and take unified action. The crypto asset industry should be doing more to demonstrate that it takes the activity taking place under its roof seriously. This could include freezing Russian and Belarusian users’ accounts, and rejecting requests for new accounts from consumers in these regions.
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Friday News
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Russians have the right, like everyone else, to buy usdt and altcoins. politics and cryptocurrencies should not be codependent