Major cryptocurrency exchanges, including Coinbase and Binance, reject Ukraine's request to freeze all Russian accounts, saying doing so would harm civilians and be contrary to their ideals. "Deciding unilaterally to ban people from accessing their cryptocurrencies would go against the very raison d'être of cryptocurrencies," a Binance spokesperson told CNBC and was later picked up by Engadget.
In a tweet, Ukrainian Deputy Prime Minister Mykhailo Federov called on major cryptocurrency exchanges to freeze all Russian and Belarusian accounts, not just those of sanctioned oligarchs. "It is crucial to freeze not only addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users," he said.
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This move would be in line with US and EU sanctions against Russian banks and leaders , designed to cripple the country's economy. However, the cryptocurrency freeze could directly affect Russian citizens.
Coinbase said it is already sanctioning any person or entity in Russia as required by law, but will go no further. "A unilateral and blanket ban would punish ordinary Russian citizens who are enduring a historic currency destabilization as a result of their government's aggression against a democratic neighbor," Coinbase explained to US media.
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