Post
Topic
Board Bitcoin Discussion
Re: Binance is refusing to block Russian customer's crypto wallets.
by
Fortify
on 05/03/2022, 12:30:46 UTC
Source: https://www.cnbc.com/2022/02/28/binance-will-not-block-russian-accounts-after-ukraine-request.html


Binance is refusing to lock account belonging to Russian customer's, what is your take on this? I believe that this might be a better move due to Russian Citizens that don't desire war still being able to move their Roubles to crypto for safe storage.

While I don't believe average Russia ln citizens should have their funds seized or even frozen, Binance is playing a very risky game. They stated in the last they'd like a US listing, but they're more likely to end up with a US jail cell if they keep antagonizing financial authorities. It was a stunning and previously unthinkable display to cut most of Russia off from SWIFT, so it just goes to show how far most countries are willing to go in enforcing financial sanctions against the country. Ultimately Binance, or at least it's payment processor partners, might find out that they are no longer permitted to accept things like Visa or MasterCard in future. It's a very dangerous route for them to take for what must be a relatively insignificant market for their products.