Kraken CEO Denies Ukraine’s Request to Block Accounts of Russian Users

Kraken CEO Denies Ukraine’s Request to Block Accounts of Russian Users

March 15, 2022 0 By Keith Jacobs

Cryptocurrencies are playing an important role in the geopolitical movements around the world. Recently, the government of Canada unsuccessfully attempted to intercept the digital donations collected for the Freedom Convoy protestors. However, after the massive backlash, the government ended up revoking the state of emergency.

Furthermore, the frozen donations in the form of Bitcoins managed to get back into circulation despite the government sanctions. At present, Russia is facing a financial boycott from the Western bloc. Under these circumstances, the Vice Ukrainian PM, Mykhailo Fedorov, recently asked the cryptocurrency exchange platforms to freeze the accounts of the Russian citizens. However, many have not complied with the request.

At present, the sympathies and loyalty of NATO and the USA are unquestionable with Ukraine. The ECB and the United States government are doing everything in their power to impose heavy financial sanctions on Russia. However, Kraken CEO Jesse Powell has decided to decline the idea of freezing the cryptocurrency wallets of the users in Russia.

Speaking on the matter, Powell claimed that cryptocurrencies stand for civil liberties and grant freedom of state-advocated censorship. Therefore, it does not seem right to intercept the access of the Russian citizens to their accounts. He further stated that at present, the majority of the Russian citizens seem to be taking the opposing position to their government.

Some Crypto Exchanges May Ban Transactions from Russia

Kraken has made its position clear on the matter of banning Russian cryptocurrency wallets. Meanwhile, Binance has already proceeded to limit the transactions of specified individuals at the request of the Vice PM of Ukraine. A recent article published by Bloomberg stated that FTX is currently corresponding with US officials in the Bahamas to issue a final verdict.

Furthermore, the spokesperson from the largest cryptocurrency exchange operating out of United States Coinbase recently told the media that the management is ready to comply. The spokesperson further claimed that it is making preparations to block the accounts and report the financial activities of the individual who are found corresponding with the Russian officials.