{"id":412603,"date":"2022-03-04T16:19:43","date_gmt":"2022-03-04T13:19:43","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/how-are-crypto-execs-reacting-to-economic-sanctions-against-russia\/"},"modified":"2022-03-04T16:19:43","modified_gmt":"2022-03-04T13:19:43","slug":"how-are-crypto-execs-reacting-to-economic-sanctions-against-russia","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/how-are-crypto-execs-reacting-to-economic-sanctions-against-russia\/","title":{"rendered":"# How are crypto execs reacting to economic sanctions against Russia?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a4070c4ac403\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a4070c4ac403\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/how-are-crypto-execs-reacting-to-economic-sanctions-against-russia\/#%E2%80%9D_How_are_crypto_execs_reacting_to_economic_sanctions_against_Russia_%E2%80%9C\" >&#8221; How are crypto execs reacting to economic sanctions against Russia? &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_How_are_crypto_execs_reacting_to_economic_sanctions_against_Russia_%E2%80%9C\"><\/span>&#8221; How are crypto execs reacting to economic sanctions against Russia? &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvNmVlMzBlY2QtMjQ3MC00YTgwLWIxNTktZDk4NWI0ZjVmNTM1LmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-128018ef>\nAs the West and America tighten their economic sanctions on Russia, concerns have emerged about how this will affect the cryptocurrency market.<\/p>\n<p>The country has been largely cut off from the SWIFT international payment system, and businesses in the United States and other Western nations are banned from doing business or transacting with Russian banks and the national wealth fund.<\/p>\n<p>Executives at crypto exchanges have weighed in on the sanctions and their possible effects. Changpeng Zhao, CEO of Binance, went on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> to voice his opinion on the subject. He claimed that most banks adhere to sanctions rules and that crypto exchanges like Binance also follow them.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Fact:<br \/>Banks (most of them I hope) follow sanction rules.<br \/>Crypto exchanges (at least Binance) follow sanction rules.<\/p>\n<p>Media:<br \/>Crypto exchanges don&#8217;t sanction Russia normal people.<br \/>Crypto exchanges don&#8217;t follow sanction rules.<\/p>\n<p>\u200d\u2642\ufe0f<\/p>\n<p>\u2014 CZ  Binance (@cz_binance) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/cz_binance\/status\/1499305766779592706?ref_src=twsrc%5Etfw\">March 3, 2022<\/a>\n<\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nBrad Garlinghouse, CEO of Ripple, also slammed the allegations that Russia may use cryptocurrencies to get around economic sanctions. On Twitter, Ripple\u2019s CEO described the procedures for establishing a cryptocurrency exchange, stating that worldwide crypto trading platforms rely on a variety of banking partners that risk losing their licenses if a blocked country or individual breaks through all necessary security measures to conduct transactions on these platforms.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">RippleNet, for example, has always been &#8211; and remains today &#8211; committed to NOT working with sanctioned banks or countries that are restricted counterparties. Ripple and our customers support and enforce OFAC laws and KYC\/AML.<\/p>\n<p>\u2014 Brad Garlinghouse (@bgarlinghouse) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/bgarlinghouse\/status\/1498828929947242499?ref_src=twsrc%5Etfw\">March 2, 2022<\/a>\n<\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nGarlinghouse said that cryptocurrency exchanges have implemented stringent measures, such as those requiring customers to comply with Know Your Customer and Anti-Money Laundering standards to avoid such undesirable scenarios from occurring.\u00a0<\/p>\n<p>Garlinghouse\u2019s comments echo those made by Asheesh Birla, Ripple\u2019s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">General<\/a> Manager, who argued that because crypto transactions are getting increasingly traceable by governments and software, Russia will be unable to utilize it to get around these financial restrictions.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">(thread ahead) In the last few days, we\u2019ve seen some say that Russia could potentially evade sanctions and get around SWIFT using crypto. I outline some of the key arguments refuting this below (and a chart )<\/p>\n<p>\u2014 Asheesh Birla (@ashgoblue) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/ashgoblue\/status\/1498104822871953412?ref_src=twsrc%5Etfw\">February 28, 2022<\/a>\n<\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nBrian Armstrong, CEO of Coinbase, also articulates this viewpoint and believes that cryptocurrencies are not a way to avoid sanctions. According to him, every United States firm must comply with the law; it makes no difference whether they engage in \u201cdollars, crypto gold, real estate\u201d or any other type of non-financial asset. Sanctions rules are <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>lied equally to all companies and individuals, according to Armstrong.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">5\/ That being said, we don\u2019t think there\u2019s a high risk of Russian oligarchs using crypto to avoid sanctions. Because it is an open ledger, trying to sneak lots of money through crypto would be more traceable than using U.S. dollars cash, art, gold, or other assets.<\/p>\n<p>\u2014 Brian Armstrong &#8211; barmstrong.eth (@brian_armstrong) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/brian_armstrong\/status\/1499622118224392195?ref_src=twsrc%5Etfw\">March 4, 2022<\/a>\n<\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\nHowever, the Coinbase CEO emphasized that Coinbase is not \u201cpreemptively\u201d banning all Russian users from using it since everyone deserves access to basic financial services \u201cunless the law says otherwise.\u201d However, Russia is not listed on Coinbase\u2019s supported regions.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Experts reject concerns Russia will use crypto to bypass sanctions: \u2018Totally unfounded\u2019<\/em><\/strong><\/p>\n<p>A Coinbase representative told Cointelegraph the company is committed to following through with all sanctions that have been imposed, including \u201cblocking accounts and transactions that may involve sanctioned individuals or entities.\u201d<\/p>\n<p>The exchange noted it will not \u201cextrajudicially\u201d implement a blanket ban on all non-sanctioned Coinbase transactions. According to the Coinbase representative, the exchange is taking various measures to remain in compliance with the most recent sanctions.<br \/>\n<template data-name=\"subscription_form\" data-type=\"law_decoded\"><\/template><\/p>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/how-crypto-execs-react-to-economic-sanctions-against-russia\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; How are crypto execs reacting to economic sanctions against Russia? &#8220; As the West and America tighten their economic sanctions on Russia, concerns have emerged about how this will affect the cryptocurrency market. The country has been largely cut off from the SWIFT international payment system, and businesses in the United States and other&#8230;<\/p>\n","protected":false},"author":1,"featured_media":412604,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMDMvNmVlMzBlY2QtMjQ3MC00YTgwLWIxNTktZDk4NWI0ZjVmNTM1LmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[75014,74956,74863,74860,75034,117,70934,4975,70868],"class_list":["post-412603","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-binance","tag-coinbase","tag-cryptocurrencies","tag-cryptocurrency-exchange","tag-ripple","tag-business","tag-regulation","tag-russia","tag-ukraine"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/412603","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=412603"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/412603\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/412604"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=412603"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=412603"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=412603"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}