The Coinbase chief executive says the leading US-based cryptocurrency exchange platform has no plans to block all of its Russian users, but there is one caveat to the statement.
CEO and billionaire Brian Armstrong tells his one million Twitter followers in a long thread about how Coinbase is not going to impose an outright ban on Russian users.
“We are not preemptively banning all Russians from using Coinbase. We believe that everyone deserves access to basic financial services.”
However, Armstrong emphasizes that the position of a cryptocurrency exchange can change at any time. According to Armstrong, Coinbase will always follow the law, and if he requires it, they will indeed impose a widespread ban on Russian users.
“… unless otherwise provided by law.
Some ordinary Russians are using crypto as a lifeline now that their currency has collapsed. Many of them are probably opposed to what their country is doing, and the ban will hurt them too. However, if the US government decides to impose a ban, we will of course follow these laws.
Sanctions are a complex issue and the situation is changing rapidly, so we will continue to work with law enforcement and governments and take additional steps if necessary.”
The CEO also says that he thinks it is unlikely that Russian oligarchs will use Coinbase to circumvent the tough economic sanctions imposed on them by the United States and its European allies.
“We don’t think that Russian oligarchs will use cryptocurrency to avoid sanctions, with a high degree of risk. Since this is an open ledger, trying to steal a lot of money through cryptocurrency will be more traceable than using US dollar cash, art, gold, or other assets.”
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