Coinbase Refuses to Block All Russian Crypto Transactions

Coinbase has joined Coinberry, Kucoin, Binance and Kraken in refusing to “sabotage ordinary Russian users” by freezing their accounts at the request of Ukraine’s vice prime minister.

A Coinbase spokesperson said the digital currency platform would not “institute a blanket ban” against Russian users, adding that such a measure would “harm economic freedom”.

A unilateral and total ban would punish ordinary Russian citizens who are enduring historic currency destabilisation as a result of their government’s aggression against a democratic neighbour. We remain vigilant as this invasion evolves and are deeply committed to playing our part.

Coinbase spokesperson

“Instead, we will continue to implement all sanctions that have been imposed, including blocking accounts and transactions that may involve sanctioned individuals or entities,” the Coinbase representative added.

Majority Approves Exchanges’ Decision

Coinbase’s decision, along with those of the four other crypto exchanges that have declined to block all Russian crypto transactions, has been met with almost universal approval:

The good news is that in the week since Russia’s military invasion of Ukraine began on February 24, as of March 1 over US$37 million in Bitcoin and other cryptocurrencies had been donated to the Ukrainian government and Ukraine-based non-governmental organisations (NGOs) to aid its resistance.