Crypto exchanges must pick a choice for the decision to remain in Russia despite calls for sanctions.<\/p>\n
For crypto exchanges, they can either embrace the ideology of independence from regulation or align with the global financial system.<\/p>\n
David Schwimmer, LSEG’s chief executive officer has warned that the crypto industry faces long-term impacts crypto exchanges continue to remain in Russia.<\/p>\n
“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.<\/p>\n
Crypto exchanges came under heavy criticism after top crypto exchanges including Binance and Coinbase refuses calls to prevent Russian users from using their platforms.<\/p>\n
For lawmakers, there is a clear possibility that cryptocurrencies could be used to bypass sanctions placed on Russia.<\/p>\n
However, crypto exchanges argued that blocking Russian customers means they will be violating their libertarian rules.<\/p>\n