RIYADH: Cryptocurrency exchange platform Coinbase will not impose a ban on Russians using its services unless the US government issues sanctions in the sector, according to CEO, Brian Arrmstrong.
In a Twitter thread, Armstrong said he didn’t believe there’s a high risk of Russian oligarchs using crypto to avoid sanctions.
He added that since it is an open ledger, trying to sneak lots of money through crypto would be more traceable than using US dollars cash, art, gold, or other assets.
Armstrong said his firm was still working to enable crypto services for the people of Ukraine who are in need of help.
“We are not preemptively banning all Russians from using Coinbase, we believe everyone deserves access to basic financial services unless the law says otherwise,” he said.
5/ That being said, we don’t think there’s a high risk of Russian oligarchs using crypto to avoid sanctions. Because it is an open ledger, trying to sneak lots of money through crypto would be more traceable than using U.S. dollars cash, art, gold, or other assets.
— Brian Armstrong - barmstrong.eth (@brian_armstrong) March 4, 2022
Some ordinary Russians are using crypto as a lifeline now that their currency has collapsed, according to Armstrong.
Many Russians likely oppose what their country is doing, and a ban would hurt them, too, and that said, if the US government decides to impose a ban, we will of course follow those laws, he said.
Sanctions are a complex issue, and the situation is changing fast, so we’ll keep working with law enforcement and governments, and will take more steps as needed, Armstrong added.