Crypto exchanges do not yet plan to impose restrictions on users from Russia
It is unlikely that crypto platforms will begin to impose any restrictions on investors from Russia amid the latest US and EU sanctions against the Russian Federation. This is what the digital currency market players say.
Experts are confident that cryptocurrency exchanges will be the last companies ready to stop serving Russians. This is contrary to the key principles of the development of the industry, for example, freedom from state borders.
“However, I see that some fintech projects are already refusing to serve the Russians. I consider this a great injustice, there is no need to equate the authorities and the people,” explained a representative of the trading platform, who wished to remain anonymous.
Currency.com representatives also confirmed that there are no plans to restrict customers from the Russian Federation or other countries amid the recent events. According to them, other cryptocurrency platforms will not impose restrictions.
“Restrictions may be introduced by individual American platforms. In general, the crypto industry always tries to abstract from what is happening in politics,” said Currency.com.
Foreign media write about the consequences of the Russian-Ukrainian crisis and foreign experts speak out. Analysts at The New York Times believe that Russia will not be able to survive the new US sanctions without crypto assets.
“When the United States banned Americans from doing business with Russian banks, oil and gas and other companies in 2014 after the invasion of Crimea, the blow to the Russian economy was swift and devastating. Economists estimate that sanctions imposed by Western countries cost Russia $50 billion annually. Since then, the global market for cryptocurrencies and other digital assets has exploded. This is bad news for the security forces and good news for Russia,” experts said.
Former U.S. Attorney Michael Parker believes that companies from the Russian Federation have long taken steps to prepare measures to ease sanctions. According to him, Russian structures entered transactions with cryptocurrency organizations in order to bypass control points for transactions in the global market, which are monitored by the US authorities.
What do you think, will the consequences of Western sanctions affect Russian cryptocurrency investors?