Crypto exchanges are coming under pressure to block transactions with Russia, as western politicians fear that cryptocurrencies provide a back door to move money around the world while they seek to shut Russia out of the global financial system. However, while most will comply with curbs on individuals, some say bans ‘fly in the face of the reason why crypto exists’.
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Crypto exchanges resist calls for ban on Russia transactions
“To unilaterally decide to ban people’s access to their crypto would fly in the face of the reason why crypto exists,” said Cayman Islands-registered Binance, one of the world’s biggest crypto exchanges. Rival OKX, based in the Seychelles, also said it had no plans to bar Russian accounts in bulk. Highlight text
