March 17, 2022

Crypto exchanges must pick a choice for the decision to remain in Russia despite calls for sanctions.

For crypto exchanges, they can either embrace the ideology of independence from regulation or align with the global financial system.

David Schwimmer, LSEG’s chief executive officer has warned that the crypto industry faces long-term impacts crypto exchanges continue to remain in Russia.

“If that industry is seen as a bad actor … on the implementation of, or the avoidance of, sanctions in terms with what’s going on with Russia, I think that would have a long-term impact in terms of how that industry is perceived,” Schwimmer.

Crypto exchanges came under heavy criticism after top crypto exchanges including Binance and Coinbase refuses calls to prevent Russian users from using their platforms.

For lawmakers, there is a clear possibility that cryptocurrencies could be used to bypass sanctions placed on Russia.

However, crypto exchanges argued that blocking Russian customers means they will be violating their libertarian rules.

For more information, read the original story in Reuters.