Since the beginning of the conflict between Russia and Ukraine, cryptocurrency has played a variety of roles. They were used to send donations to the targeted nation, but also to speculate that Russian oligarchs had used these assets to bypass sanctions. These allegations are being refuted by community insiders, the most recent being Sam Bankman-Fried, founder of FTX.
It has been nearly a month since Russia launched the “special military operation” against Eastern neighbors. This turned out to be an allout war. Although the leaders of both former Soviet states met many times to try to resolve the conflict they have yet to see the actual results.
Many countries around the globe continue to impose new sanctions against Russia’s financial sector, its oligarchs and others close to President Putin. Some watchdogs speculated that Russia’s elite might use cryptocurrency to circumvent sanctions.
This was not surprising as crypto insiders weren’t happy. Coinbase’s CEO and Ripple’s founder recently explained why they believe oligarchs shouldn’t be able to use digital assets in this way. Sam Bankman-Fried is the founder and CEO of FTX.
“I am very disappointed with the industry’s messaging on this. He commented on the decision of some exchanges not to ban Russian-based customers.
FTX and Russia
Binance, Coinbase and FTX initially stated that blocking Russian-based entities would be against crypto’s nature. However, others changed their stance soon after.
After the US and other watchdogs had introduced bills prohibiting financial entities from trading with Russian banks or customers, this was done. Coinbase recently blocked 25,000 accounts that were allegedly associated with sanctions Russians, as reported by the New York Times.
Reuters reported that FTX continued to allow non-sanctioned Russian traders to trade. However, it is still in communication to US regulators regarding its operations.
“I don’t believe this is about the content of these decisions.” It’s about how they are presented.” – SBF concluded.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.