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

[avikz]

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.

If Binance does it, the whole purpose of cryptos will be defeated. Crypto is supposed to provide us with an unrestricted access to our wealth. If Binance blocks access of a particular country, it will earn them a bad reputation.

I am sure Russian common population do not want war so they should not be the sufferers. Also CZ is a Chinese person by origin and China is one of the biggest supporters of Russia. That might be another reason for not taking any action.

[bitzizzix]

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.

Everyone knows that Russians don't want war, and binance made the right decision because all Russians are innocent and they also want the war to end quickly.
If binance did, it would be against the core principles of financial freedom inherent in crypto, and would tarnish the reputation of binance or any other crypto exchange if it did.

[wxa7115]

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.

I think like this as well, I understand that people are mad at the Russian government for what is happening at Ukraine but that does not mean that every single Russian citizen needs to pay the consequences for the acts of their political and military leaders.

As long as people are not doing anything illegal then no financial institution should have the right to freeze your accounts for not reason at all, so I am glad that Binance has decided to not block their Russian customers.

[FIFA worldcup]

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.

The war is not going to remain forever and therefore, binance would never want to block the russians citizen from using their trading portal.

Russians can still trade crypto on decentralized platforms but binance would only lose their business if they ban the russia from using their site.

[Altryist]

The war is not going to remain forever and therefore, binance would never want to block the russians citizen from using their trading portal.

Russians can still trade crypto on decentralized platforms but binance would only lose their business if they ban the russia from using their site.

So far, the binance will not block anything, but you should not exclude such a possibility. Don't hold large sums on centralized exchanges, because it is always a risk, even without the threat of blocking. In the meantime, binance has stated that there will be no blocking and users from Russia, they can continue to use the services of the exchange.

[Lanatsa]

The war is not going to remain forever and therefore, binance would never want to block the russians citizen from using their trading portal.

Russians can still trade crypto on decentralized platforms but binance would only lose their business if they ban the russia from using their site.

So far, the binance will not block anything, but you should not exclude such a possibility. Don't hold large sums on centralized exchanges, because it is always a risk, even without the threat of blocking. In the meantime, binance has stated that there will be no blocking and users from Russia, they can continue to use the services of the exchange.

Thats a good news from those Russian users of this platform that they wouldnt really get that kind of treatment on where everybody been thinking to be that way.I dont know if thats
some exclusion but Binance is a business and they couldnt just let those kind of blocking to be that a solution on this ongoing war.They dont just like to get involved
and make business as usual which i do see also to be ethical to be done.

[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.

yeah, i think so too. I think Binance is trying to be neutral and not side with anyone. proof that they donated, and did not block Russia is proof of that.
well, however, I think that if Binance did that, crypto users from Russia would also choose other places to exchange and Binance might lose quite a bit of users. I think this is the right move from Binance.

There's no other reason for them to stay to an exchange that they've been blocked. They're just going to look for another one that they can use that allows them to trade normally just like any other users from other locations.

I also think that it's a bright move by binance. Their stand is important as they're one of the biggest exchange in the world and the volume that flows in them matters to these countries.

[famososMuertos]

Not long ago Binance froze accounts of Colombian citizens by order issued from Holland, regardless of the situation it was a selective freeze... it is unthinkable that all Russians have to pay for a few...but the worst thing is that these few who should be punished with a ban on their accounts benefit from that selective decision in this case. (So they prefer not to block any of them the Russian oligarchs get in)

Ah! so why if Binance freezes selective accounts like the case mentioned, because he doesn't do it now.

[suzanne5223]

Binance is not the best exchange in Russia, yes, it can be one of the popular and large ones, so it will be the first exchange to cooperate with regulators. All Russian users have long been warned that their cryptocurrencies can be blocked, so many people are leaving centralized exchanges.

It is never a good idea to save crypto on a centralized exchange and I don't see any reason why Binance will block the Russian citizen wallet because of political affairs whereas crypto is neutral.
For the record, Coinbase is the first cryptocurrency exchange I know co-operate with the regulator right from the time when the US SEC introduced KYC/AML.

[The Cryptovator]

It's not only Binance, any exchange shouldn't block a user's account anyway. The fault isn't of Citizens, Binance would block government officers' accounts if they really want to do something. Any exchange would exclude a country if they want, but for that fund wouldn't be seized anyway. And excluding a country is harmful to the exchange, not for the users. There are a lot of cryptocurrency users and traders in Russia and a handsome revenue has been coming from there. So taking a strict decision means the exchange will lose the revenue from there. I don't think exchanges owners are soo stupid anyway. Rather than exchange owners could stand for Ukraine Citizens to help them like Binance.

[kawetsriyanto]

I support the decision made by Binance refusing to block Russian wallets. It indicates Binance has a high dedication to upholding the decentralized system, not influenced by the policies or decisions of any country in the world. We have to remember that Binance isn't a partnership of any government in the world, so Binance has no obligation to follow the decisions of any government. We must give appreciation to Binance that they show us a neutral attitude or a neutral decision, Binance doesn't follow the political actions of any country during this war.

[tippytoes]

I support the decision made by Binance refusing to block Russian wallets. It indicates Binance has a high dedication to upholding the decentralized system, not influenced by the policies or decisions of any country in the world. We have to remember that Binance isn't a partnership of any government in the world, so Binance has no obligation to follow the decisions of any government. We must give appreciation to Binance that they show us a neutral attitude or a neutral decision, Binance doesn't follow the political actions of any country during this war.

Binance is just being reasonable to their clients. As most of these Russians do not want this war, it is unfair to them if they will be turned down other services like in crypto. This may be their only way to secure their assets right now, and will be used to their basic needs once this war is over. We don't know what will happen to their government, on how they will manage the funds of its people. But right now, one way to secure their assets is via crypto. At least have something left after this war.

[rossjamie]

Glads they made the right decision. That's why the cryptocurrency is present as modern gold and it's free to use for everyone in the blockchain. I just hate that everyone is ban any Russian related in every sector because of unfair politics, I mean they even not different than doing war in the open field

[raidarksword]

I understand how binance stands of not banning russian customers because cryptocurrency should be to all, no boundaries, race and religion. I am totally in favors with binance decision and this act will be good example should be implemented towards the future of cryptocurrencies.

[ChiBitCTy]

Yeah I think I am with Binance on this. I will admit I have a very sour taste in my mouth when it comes to much of the Eastern world, namely China and Russia. This way has shown me that Russians are not as bad of a people as a whole as I thought they were. I think Binance made the right call here.

[pawanjain]

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.

That's actually a good point of view and may be the actual reason why Binance has not banned Russian citizens from accessing their binance accounts.
Binance has made a donation of $10 million in crypto to Ukraine humanitarian effort group which is really a good amount to help the needy.
Also, I think it does not want to put any sanctions on Russia since it would directly reduce their profits which is why they haven't restricted access to Russian citizens.

[lenovop-70]

Yes, it should be like that, Binance acts neutrally and upholds the rights of each customers, after all Binance does not have any authority regarding the war that is happening in Russia, precisely when he imposes restrictions on his customers in Russia it will harm Binance itself. Well, I do respect Binance for his decision, he has proven to be an independent crypto market no matter what the circumstances, salute!

[macson]

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.

if binance freezes Russian citizen accounts then they are no different from putin.  putin's evil deeds must not make Russian citizens who refuse war suffer, putin fights for his ego but russians fight putin for their country, i support if russian citizens convert their rubles to crypto to make their fund more secure.

[naira]

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.

You need to know, not all Russian citizens support the invasion. So what Binance did was a wise move that shouldn't be judging Russians as a whole. After all, Binance also doesn't want Russian users with big finances to walking away from the exchange. It will automatically experience a sharp decline and Binance earnings will also suffer.

I think this is a wise move as Binance is not an authoritarian exchange, they do condemn the invasion but to restrict or block Russian traders from Binance is not a wise move. Cryptocurrency is a system of financial freedom and it should be valid forever. Precisely the role of cryptocurrencies here has helped both the Ukrainians who made the donations and the Russians who still have a store of value in crypto, especially in Bitcoin.

[evilgreed]

               While this is good for their reputation and for all the crypto customers(not just the Russians), I worry that it puts them in the crosshairs of the people trying to suppress the Russians via the sanctions. This may seem like a noble act but there may be some ulterior motives that we don't know about. Regardless of having ulterior motives or not, I respect binance for doing this though despite being a centralised exchange. It does not get easily swayed and doesn't distance itself entirely from the ideology of this industry which is freedom to an extent that is enough to not fully be controlled and dictated by any government or banks.