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Binance to blocks Russian politician's crypto account not innocent citizens.

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Binance

Amidst growing financial sanctions placed on Russia by the NATO states, The largest cryptocurrency exchange platform and Kraken have precluded the freezing of innocent citizens of Russia.

Binance being a centralized crypto exchange platform that can freeze the crypto account of individual using the platform however decline to do so against the innocent citizens of Russia. Unlike decentralized exchange platforms where nobody has control power on an individual's account.

According to Reuters reports, Binance notes that despite the Russian government getting sanctions for its attack on Ukraine, it won't start one-sided freezing on innocent citizens.

"We are not going to freeze millions of innocent users' accounts unilaterally. Crypto was meant to provide greater financial freedom for people across the globe," the exchange representative told Reuters.

Binance action comes after Ukraine vice-Prime Minister Mykhailo c Fedorov called on the crypto exchange to crack down on Russian users as part of piling pressure on the nation following the invasion. 

Fedorov further places reward on anyone who can provide details leading to the identification of crypto accounts of Russian politicians.

Since the attack on Ukraine, western nations have stated several monetary sanctions on Russia, with the new centre moving to crypto exchanges. Eminently, cryptocurrency has been promoted as an option for traditional economic systems and can be used as an alternative for wealthy Russians to dodge the sanctions.

Several crypto exchanges platform is based in Russia, with the users also having access to decentralized platforms located in other jurisdiction. This will make the monetary sanctions have little or no effects on Russia.



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