March 11, 2022

Crypto exchanges have defended themselves against the assumption of not complying with sanctions imposed on Russia.

Coinbase stated that the company had blocked more than 25,000 addresses connected with Russian individuals. These individuals/entities are said to be involved in illegal activities.

FTX US claims to operate multiple regulated licenses and continues to “rigorously implement and comply” with all sanctions.

“For the most part, most of these companies have very robust systems in place already, and it’s very easy for them to comply with sanctions, just like any other financial institution,” said Kristin Smith, executive director of the Blockchain Association.

International organizations and countries have placed multiple actions on Russia for invading Ukraine. However, there are fears that the sanctions could be bypassed using cryptocurrencies.

The tension increased after crypto exchanges rejected calls to cut off all Russian users. According to the exchanges, taking such action goes against the industry’s libertarian values.

For more information, read the original story in Reuters.