Alex Bornyakov, Ukraine’s deputy minister for digital transformation, has said that cryptocurrency exchanges that choose to stay in Russia will face global backlash.<\/p>\n
“Private business decides for themselves where they stand, which values they support, and how it’s going to benefit them. Even those who decided to stay – society eventually is going to ban their products, because we see this enormous support from the citizens, from the people of the world,” Bornyakov explained.<\/p>\n
For Bornyakov, their decision to stay portrays a bad image. However, he stated that he did not see the use of crypto to avoid sanctions as an immediate threat.<\/p>\n
The Ukrainian official’s outburst came after major cryptocurrency exchanges such as Binance and Coinbase announced they would continue to operate in Russia.<\/p>\n
The platforms rejected calls by the Ukrainian government for a blanket ban on users in Russia.<\/p>\n
Concerns are raised\u00a0about the use of cryptocurrencies to circumvent sanctions imposed on Russia over the invasion of Ukraine.<\/p>\n
However, cryptocurrency exchanges say they are constantly using tools to detect and prevent attempts to circumvent sanctions.<\/p>\n