Thursday, September 29, 2022

Bitfinex Refuses to Place its Russian Users on a Blanket ban

As ongoing tension between Russia and Ukraine remains unabated, Bitfinex which is one of the largest crypto exchanges in the world has announced that it would not ban or sever its business ties with its Russian customers except for those who have been sanctioned.

Going by the mass emigration of companies that the Russian economy has witnessed, this announcement by Bitfinex would no doubt serve as a succor to Russians who have turned to cryptocurrency as their means of receiving and sending funds globally.

According to Bitfinex, the decision and actions of the Russian government should not be rubbed off on the ordinary citizen, and so placing a blanket account restriction on all Russians just because of the ongoing conflict would be a sheer inhumane action to take. 

A representative of the Bitfinex Exchange noted that unless it is mandated to ban all users, it will not freeze the account of all its Russian customers, but it would rather suspend the account of only individuals that have been sanctioned.

Going by the terms of service of Bitfinex which made its emergence back in 2012 and currently has a daily trading volume above $800 million, a sanctioned person is any person or a digital token address that is either listed explicitly in any government’s sanctions list

A representative of the Exchange however noted that the company has already taken appropriate action on the account of sanctioned Russian users while it continues to monitor all accounts on the exchange to ensure compliance with guiding laws.

Business as Usual for Russian Crypto Users

Cryptocurrency users in Russia can continue to enjoy the benefits that cryptocurrency brings as it would be recalled that on the 4th of March, Coinbase CEO Brian Armstrong said that the crypto exchange would not preemptively ban all Russians from using Coinbase, but it would rather sieve out users who have been sanctioned.

Bittrex is yet another Crypto exchange that has vouched for its commitment to its law-abiding Russian users. Chief Compliance Officer at Bittrex, Michael Carter has said that the exchange would continue to offer its undisturbed services to its Russian traders while it also stays compliant with all sanction guidelines.

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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