The Western front is uniting to force an economic war on Russia as it has been trying to invade Ukraine for the last couple of weeks. Ever since the war was declared, the mobility of cryptocurrencies has increased in Eastern Europe. Both governments and people alike are using cryptocurrencies like Bitcoin, USDC, and others to fulfill their financial needs. Be that as it may, the cryptocurrency exchanges and projects are now taking a pro-Ukraine stance with the western alliance to subdue the power of Russia in this war.
However, Coinbase, one of the largest crypto exchanges based in the United States, informed that it would not be banning all Russian clients from accessing its services. As per the report, the exchange platform believes that it is unlikely for anyone from the bureaucracy of Russia to use its services. Moreover, the platform does not want to prohibit anyone who has nothing to do with what their government decides.
Founded in 2012 in San Francisco, California, the best crypto exchange in UAE – Coinbase has become one of the popular and most sought-after platforms globally within a few years. As its services are spread to more than 100 countries, the platform was able to provide the fundamental right to banking for many of the regions that lack the necessary infrastructures or administration. Keeping up with its ideals, Coinbase has decided not to restrict its access to Russian clients. As anti-war sentiment is rampant even among Russian citizens, this liberal decision from the exchange could promote a positive image of it. Read our Coinbase review to know why this platform enjoys such a large following.
Coinbase’s new decision will help thousands of common people who are looking for a safe place for their life savings amidst the war. The true purpose of decentralization is to provide people with an alternative for their central finance system in such situations. Moreover, there is no substantial evidence to support the movement of huge sums from the Russian government through Coinbase. In this regard, Brian Armstrong believes that cryptocurrencies would be much more transparent than fiat money or any other way, for that matter. Should such a situation arise, the CEO said that the exchange would then adhere to the instructions of the US government.
This stance taken by Coinbase is in contrast to the decision of Binance. It is due to differences of opinion surfacing as this international conflict blows out. Many believe that these bans and restrictions directly affect the people of Russia instead of its administration.
It would be unjust for the significant portion of the Russian population protesting within the country. Recently, Elon Musk denied the government’s request to stop Russian news on Starlink on the grounds of protecting freedom of speech.