Cryptocurrency exchange Binance is blocking the accounts of all Russian clients subject to sanctions, Reuters reports.
But it will not freeze the accounts of other Russians after Ukraine called for Russian users to be banned from major digital currency platforms.
Deputy Prime Minister of Ukraine Mikhail Fedorov said on Sunday that he has asked major crypto exchanges to block digital wallet addresses of Russian users that allow transactions in cryptocurrencies.
A Binance spokesperson told Reuters that we are not going to unilaterally freeze millions of innocent user accounts.
Cryptocurrency was meant to provide greater financial freedom to people around the world, he added.
Binance, the world’s largest cryptocurrency exchange, said last month that it wants to expand its operations in Russia and neighboring countries. Russia is the main market for Binance, with over 113,000 members on its Russian-language Telegram channel.
Since 2019, Binance has allowed users to deposit and withdraw Russian rubles through the Advcash payment company.
Advcash, which is headquartered in Belize, told Reuters that users will be able to continue making instant deposits and withdrawals on Binance through their digital wallets. “On our platform, some users may experience restrictions related to sanctions imposed on certain banks,” he added.