Binance CEO says Russia can not use crypto to evade sanctions – CryptoSlate

Advertisements

Binance CEO Changpeng Zhao, commonly referred to as CZ, believes Russia cannot use cryptocurrencies to circumvent western sanctions. He said this during a recent interview with Richard Quest, the host of CNN’s Quest Means Business. According to him, crypto is too traceable, a trait that makes it unsuitable for dodging sanctions.

Zhao pointed out that governments across the globe are increasingly getting better at tracing crypto transactions. To this end, he believes an intelligent person would not try to use crypto for such purposes.

Nonetheless, he said Binance observes the sanction rules closely and will block anyone on the sanction list. CZ added that Binance would also block the accounts of anyone that is remotely related to the people on the sanction list.

However, he asserted that Binance considers freezing assets of normal Russian users illegally. As such, the exchange will stand by its decision not to ban all Russians. To show the organization’s willingness to adhere to rules, CZ said it is up to the governments to decide whose assets Binance should freeze or unfreeze.

Standing up against the war, not the people

Unlike many organizations unwilling to take a stand on whether Russia was wrong for invading Ukraine, CZ said Binance is against the war and the politicians that started it.

He reiterated that Binance is not against the people because the war has impacted both Ukrainians and Russians. According to him, Binance seeks to help these people overcome their difficulties.

Touting the firm’s efforts of helping those in need, he pointed out that Binance was among the first companies to pledge $10 million to aid Ukrainian refugees. CZ added that Binance has already given out most of this amount.

This news comes after Coinbase CEO Brian Armstrong said the exchange would not preemptively ban all Russian users. In a March 4 tweetstormArmstrong said Coinbase believes everyone deserves access to financial services unless the law says otherwise.

He added that,

Some ordinary Russians are using crypto as a lifeline now that their currency has collapsed. Many of them likely oppose what their country is doing, and a ban would hurt them, too. That said, if the US government decides to impose a ban, we will of course follow those laws.

symbiosis

Did Edge on the Crypto Market 👇

Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.

On chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Horizon provides Binance connectivity to its crypto buying and selling platform – FinanceFeeds Binance

Horizon provides Binance connectivity to its crypto buying and selling platform – FinanceFeeds

“We're already connected to main cryptocurrency exchanges and offering full scope of Principal Trading...

By wpadminsonic164
•
Crypto Exchange Provider Ranking’s Triumvirate of Binance, Coinbase and Crypto.com Remain on Top – PYMNTS.com Binance

Crypto Exchange Provider Ranking’s Triumvirate of Binance, Coinbase and Crypto.com Remain on Top – PYMNTS.com

It's probably worth pointing out that thanks to ties, there are now nine members...

By wpadminsonic164
•
Bitcoin Slips Beneath $ 50,000 As Binance Whale Warns Urgent BTC Value By Cointelegraph – Investing.com Binance

Bitcoin Slips Beneath $ 50,000 As Binance Whale Warns Urgent BTC Value By Cointelegraph – Investing.com

© Reuters. (BTC) lost $ 50,000 for the first time in days on December...

By wpadminsonic164
•
Binance Builds $1 Billion Insurance coverage Fund to Cowl Potential Hacks – The Block Crypto Binance

Binance Builds $1 Billion Insurance coverage Fund to Cowl Potential Hacks – The Block Crypto

display Binance has raised around $1 billion for an insurance fund created as a...

By wpadminsonic164
•
Binance is a Fully Regulated Digital Asset Service Provider in France, Just After Receiving Licenses in Dubai and Bahrain – African Business Binance

Binance is a Fully Regulated Digital Asset Service Provider in France, Just After Receiving Licenses in Dubai and Bahrain – African Business

Binance (www.Binance.com), the world's largest crypto and blockchain infrastructure provider, announced earlier that Binance...

By wpadminsonic164
•
‘India needs guideline before crypto speculations increase’: Binance APAC Head – The Indian Express Binance

‘India needs guideline before crypto speculations increase’: Binance APAC Head – The Indian Express

Despite regulatory challenges in India, Binance, the world's largest cryptocurrency exchange, is bullish on...

By wpadminsonic164
•
Binance stops Luna and UST exchanging following implosion – TechCrunch Binance

Binance stops Luna and UST exchanging following implosion – TechCrunch

Binance, the world's largest cryptocurrency exchange, has halted the trading of Terraform Labs' Terra...

By wpadminsonic164
•
How will regulatory points and obligatory KYC have an effect on the value of Binance Coin (BNB)?  – Cointelegraph Binance

How will regulatory points and obligatory KYC have an effect on the value of Binance Coin (BNB)? – Cointelegraph

Binance Coin (BNB) was up 30% in two weeks, but the fourth largest cryptocurrency...

By wpadminsonic164
•

Latest Posts

Instructions to Research Stablecoins | USDC, USDT, BUSD, PAXOS – Cardano Feed Cardano

Instructions to Research Stablecoins | USDC, USDT, BUSD, PAXOS – Cardano Feed

by Robin Smith May 24, 2022 DeFi videos In the part 1 of 2...

By wpadminsonic164
•
Kaspars Koskins, CEO of ADALend: “We’re constructing a safe lending platform on Cardano” |  Bitcoinist.com – bitcoinist.com Cardano

Kaspars Koskins, CEO of ADALend: “We’re constructing a safe lending platform on Cardano” | Bitcoinist.com – bitcoinist.com

Launch of the interview series from ADALend CEO Kaspars Koskins, one of the most...

By wpadminsonic164
•
Bitcoin plunges, and might there be another challenger on the way? Videos

Bitcoin plunges, and might there be another challenger on the way?

Brian Kelly on bitcoin's fall and Powell's comments on digital dollars. With CNBC's Melissa...

By wpadminsonic164
•
There’s an Insatiable Urge to Burn Crypto — A Have a look at Why Tasks Burn Tokens and the Advantages Bitcoin

There’s an Insatiable Urge to Burn Crypto — A Have a look at Why Tasks Burn Tokens and the Advantages

In recent times, cryptocurrencies that burn tokens have been very popular and a number...

By wpadminsonic164
•
Horizon provides Binance connectivity to its crypto buying and selling platform – FinanceFeeds Binance

Horizon provides Binance connectivity to its crypto buying and selling platform – FinanceFeeds

“We're already connected to main cryptocurrency exchanges and offering full scope of Principal Trading...

By wpadminsonic164
•
Dogecoin

Bitcoin Rises, Ethereum, Dogecoin Fall: On-Chain Metric Flags Bullish Sign – Benzinga – Benzinga

Bitcoin intraday returns exceeded those of altcoins as the global cryptocurrency market cap rose...

By wpadminsonic164
•
7 Bargain Cryptos to Buy After the Crash – InvestorPlace Polkadot

7 Bargain Cryptos to Buy After the Crash – InvestorPlace

While the pain in the cryptocurrency sector is tough to swallow, a bear market...

By wpadminsonic164
•
Cryptographic money is attempting to recover your trust – San Francisco Examiner Stellar

Cryptographic money is attempting to recover your trust – San Francisco Examiner

Confidence in the cryptocurrency industry has been fractured more than ever during the current...

By wpadminsonic164
•