Binance is refusing to block Russian customer's crypto wallets.

[QuickAccount]

Source: https://www.cnbc.com/2022/02/28/binance-will-not-block-russian-accounts-after-ukraine-request.html


Binance is refusing to lock account belonging to Russian customer's, what is your take on this? I believe that this might be a better move due to Russian Citizens that don't desire war still being able to move their Roubles to crypto for safe storage.

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[n0ne]

Source: https://www.cnbc.com/2022/02/28/binance-will-not-block-russian-accounts-after-ukraine-request.html


Binance is refusing to lock account belonging to Russian customer's, what is your take on this? I believe that this might be a better move due to Russian Citizens that don't desire war still being able to move their Roubles to crypto for safe storage.

I find this to be good, because a small portion of the population wants war. The majority are protesting against the decision of the government. In such situation the entire population getting affected out of the sanctions from different organisations will ruin the life. But, there is now other way to end the war. However the decision will help the users who keep hold of cryptocurrency, but to move rubles it is quite hard as banking transaction support is very limited for now.

[OgNasty]

I think it shows that Binance is committed to provide good service to it’s customers despite political pressure or government dealings. I expect this will rub some the wrong way and they will stop using the service, but personally I would be more concerned if I was a customer and they were just freezing assets of their customers for any reason they’re told. This is why DeFi is so important and I hope the Bitcoin community gets access to some good DeFi options someday soon, because it is clear that the exchanges will be the point of failure for Bitcoin going forward.

[Bitcoin_Arena]

This does not belong to Bitcoin discussion. You should move it to Exchanges board

I mean, why should innocent Citizens suffer because of the indiscreet decisions of their rulers?
So far so good for Binance and some other exchanges, but there might be more to come with time if you read their terms and conditions, especially with Countries sanctioned by the US

For example, Binance says

d. Prohibition of Use
BY ACCESSING AND USING BINANCE SERVICES, YOU REPRESENT AND WARRANT THAT YOU HAVE NOT BEEN INCLUDED IN ANY TRADE EMBARGOES OR ECONOMIC SANCTIONS LIST (SUCH AS THE UNITED NATIONS SECURITY COUNCIL SANCTIONS LIST), THE LIST OF SPECIALLY DESIGNATED NATIONALS MAINTAINED BY OFAC (THE OFFICE OF FOREIGN ASSETS CONTROL OF THE U.S. DEPARTMENT OF THE TREASURY), OR THE DENIED PERSONS OR ENTITY LIST OF THE U.S. DEPARTMENT OF COMMERCE. BINANCE RESERVES THE RIGHT TO CHOOSE MARKETS AND JURISDICTIONS TO CONDUCT BUSINESS, AND MAY RESTRICT OR REFUSE, IN ITS DISCRETION, THE PROVISION OF BINANCE SERVICES IN CERTAIN COUNTRIES OR REGIONS.

[dark1234]

and binance as a crypto market provider to act in this way is one of the right things considering this will give crypto users there a way to move their money on binance and as we know one of the effects of the war russia and ukraine made several public financial services in both countries will be disturbed and even prolonged economic inflation will occur if there is no peace word -"I hope this doesn't last long"- so holding crypto is one way to avoid very significant inflation

[Hamphser]

Source: https://www.cnbc.com/2022/02/28/binance-will-not-block-russian-accounts-after-ukraine-request.html


Binance is refusing to lock account belonging to Russian customer's, what is your take on this? I believe that this might be a better move due to Russian Citizens that don't desire war still being able to move their Roubles to crypto for safe storage.

It is just a right decision.Binance shouldnt really able to generalize and make out such decision on blocking russian users yet they have nothing to do with the war whats happening now.

It would really be just a childish act of their if they would really do so.It would really just give out bad impressions towards the platform instead.There should be no bias decisions

just because they live on on a country where their leader do really sucks. 

[jossiel]

Binance donates to Ukraine and refuses to block Russian customers on their exchanges, I think that's the gesture of neutrality.

With that decision they've made, it's already a big help to them since they've been placed with too many sanctions that's already affecting their economy.

It's not the citizens and customers that they're against with but the action of their government towards making the conflict.

[Yogee]

... Binance is refusing to lock account belonging to Russian customer's, what is your take on this?

But they also said they are willing to freeze accounts of sanctioned users. CZ also said something about "why crypto exist" which I find funny since it's coming from an owner of a centralized exchange.

Stupid request of Ukraine's Vice Prime Minister to freeze even the accounts of ordinary users.

[BitMaxz]

Remember What Vladimir Putin said read this

"Whoever tries to interfere with us, and even more so to create threats for our country, our people should know that Russia's response will be immediate and will lead you to such consequences that you have never experienced in your history."

So why would they suspend or ban Russian customers which we know most of them are not involved in the war?

That is why I think Binance refuses to block Russian customers because it could affect their business and I think more hackers in Russia that can attack Binance security, it is more problematic, and more people will be affected than just refusing it.

[Welsh]

I think it shows that Binance is committed to provide good service to it’s customers despite political pressure or government dealings. I expect this will rub some the wrong way and they will stop using the service, but personally I would be more concerned if I was a customer and they were just freezing assets of their customers for any reason they’re told. This is why DeFi is so important and I hope the Bitcoin community gets access to some good DeFi options someday soon, because it is clear that the exchanges will be the point of failure for Bitcoin going forward.

My thoughts too. Whatever your position is with the current conflict, I'm not one for punishing the people of a particular country, even if it's a way of getting through to the government. I'm actually disgusted by the amount of companies that are basically making this a PR stunt, banning Russia from x, y, and z just because it looks good on them in the West.

At the end of the day, you should be punishing those responsible, not the people. I suspect this is a good thing for Bitcoin, since a lot more people will want to be in control of their money, but it's pretty tragic that political pressure has caused this in the first place. Same as deporting, and banning Russia's from certain things, and competitions. While I understand it hurts Russia, it also hurts innocent people.

[sheenshane]

They're just the right decision and prove that there are centralized exchanges that have a neutral treatment between the two countries.
Kraken and Binance were in the right decision, they proved a good service of an exchange that cares about their users and this will not give a shit to the image of all centralized exchangers and many people will be believed and trust in them.

Many people especially innocent users in Russia will be impressed by this decision and we shouldn't forget that it's still not good to store a large amount on the exchange, in cases like this, isn't hurt that much if your account will freeze if only has small amount.

[Welsh]

Many people especially innocent users in Russia will be impressed by this decision and we shouldn't forget that it's still not good to store a large amount on the exchange, in cases like this, isn't hurt that much if your account will freeze.

Hopefully, despite these exchanges acting in good faith, and not limiting users from their money, people start to think twice about storing any large funds on exchanges. Ideally, that would be the case already, however far too many Bitcoin users ignore this, and store it there anyway. I don't think it's even limited to users who only have a small amount of Bitcoin, which is the worrying part.

After all, it's the fundamental reason why Bitcoin exists, and a lot of people will argue that it's Bitcoin's most important feature. The ability to be in control of your own money, and security without relying on a third party. That's the ultimate definition of freedom, which I suspect after this conflict ends, a lot of people will be seeking as a result.

[examplens]

as far as I understand, Binance will only comply with the sanctions through a ban on payment card transactions (Visa, Mastercard) for Russian users. yet I would not be surprised if in the case of more rigorous sanctions they introduce additional restrictions.

Stupid request of Ukraine's Vice Prime Minister to freeze even the accounts of ordinary users.

yes, who the hell is he doing to regulate the crypto market. he just seems to have over-understood the empathy we all currently have towards the Ukrainian people.

[Darker45]

I don't see anything wrong with this. Why should Binance deprive the Russian people from having access to the better currency, especially during these times of conflict and uncertainty? I know that various sanctions in place are in effect ultimately hitting civilians in Russia, but some of them might be justified. To a certain extent, the Kremlin will have to realize that bringing unprovoked war into a sovereign country will have its consequences to the general public. And that's now being felt by ordinary Russians, many of whom might take refuge in keeping the value of their money in Bitcoin. They shouldn't be deprived of this haven while the Russian ruble is crumbling down.

[Anonylz]

Source: https://www.cnbc.com/2022/02/28/binance-will-not-block-russian-accounts-after-ukraine-request.html


Binance is refusing to lock account belonging to Russian customer's, what is your take on this? I believe that this might be a better move due to Russian Citizens that don't desire war still being able to move their Roubles to crypto for safe storage.

Binance is being considerate which is very understandable, between I think not only binance has said this including coinbase (I read it somewhere) I think such action will be too hard on the rest of the innocent Russian citizens who are as equally victims of a dictator as the Ukrainian, their only crime is being a citizen of a country whose president is unapproachable.
The various sanctions slammed on Russia are already affecting the economy, doing this will be too much.

[Little Mouse]

So does coinbase and Kraken too.
But why would they block even? There are people in Russia who are opposing the move of Putin. This doesn’t make any sense to block any of the customers account unless they find a reasonable argument. I strongly support this move from the exchange to not block the accounts.

[pealr12]

@op why single out only binance when coinbase and kraken also feel the same way? 
Am glad binance, coinbase and kraken didn't agree to this, can you imagine being a citizen of that country and mostly getting your income from crypto sources and you are suddenly subject to this harshness simply because of the atrocities of your president? They made the right decision, not everything should be categorized as politics, crypto is decentralized and supposed to be an alternative to fiat oppression undermining the exchange are centralized.

[Retainly_Collie]

Politics is interfering with everything in our current lives, which is also seen as a concrete example of decentralization. According to an article I just read, many Ukrainians are struggling to find ways to get cash during this time. And the removal of regional accounts to avoid a sell-off of Russian shark whales is not particularly news.

[NeuroticFish]

Binance is refusing to lock account belonging to Russian customer's, what is your take on this? I believe that this might be a better move due to Russian Citizens that don't desire war still being able to move their Roubles to crypto for safe storage.

I would be wary on this. This stance can easily change. Keeping unnecessarily money at centralized exchanges is always a risk (not your keys, not your coins).
If I would be Russian I would withdraw my Bitcoins (or at least most of them) to a safely generated local wallet, just in case, especially after the precedent of what has happened with Binance's Nigerian customers.


PS. Weren't 50% of Russians agreeing to the war?

[OcTradism]

Binance is refusing to lock account belonging to Russian customer's, what is your take on this? I believe that this might be a better move due to Russian Citizens that don't desire war still being able to move their Roubles to crypto for safe storage.

Good action from Binance to protect their customers from Russia. It is good for cryptocurrency market too because be our own banks is what people look for with cryptocurrency. I know when you have account on Binance, you don't have a non-custodial wallet that means you don't have your own bank but at least, some sort of better than fiat currency and central banks.

By the way, I feel like Binance do this because they don't have branch in Russia. I could be wrong about it and still curious to figure it out.