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The world’s largest cryptocurrency has announced that it will not ban all Russian accounts

The announcement came after Ukraine’s deputy prime minister called on the cryptocurrency exchange to ban all Russian user accounts.

We will not unilaterally freeze the accounts of millions of innocent users

A spokesperson for the world’s largest cryptocurrency exchange, Binance, said: to CNBC.

“The intent is to give more financial freedom to people all over the world. If we unilaterally decide to prevent people from accessing the vault, it will go against what cryptocurrencies are all about.”

On Sunday, Mikhailo Fedorov, Deputy Prime Minister of Ukraine, asked major exchanges to block the addresses of Russian users. “It is necessary not only to freeze addresses related to Russian and Belarusian politicians, but also to sabotage ordinary users,” Fedorov wrote in a tweet.

Russia continues to attack major cities in UkraineHowever, it is believed that state forces have greatly hindered the Russian advance. The United States and the European Union responded with sanctions targeting Russian banks, public debt, the inner circle of Russian President Vladimir Putin and the leader himself. As a result, the Russian ruble began to fall.

Binance said it will take the necessary steps to ensure that action is taken against those who have been sanctioned, while minimizing the impact on innocent users.

If the international community further expands these sanctions, we will also vigorously enforce them

A company spokesperson added.

Binance said it will ban the accounts of those on the sanctions lists and “ensure full compliance with all sanctions.”

CNBC has also approached other major crypto exchanges asking if Russian user accounts will be frozen, but they have yet to receive a response.

Jesse Powell, CEO of Kraken, another major cryptocurrency exchange, said on Twitter on Monday that the company “cannot freeze the accounts of our Russian clients without a legal obligation to do so.”

Dmarket, a platform that allows users to trade virtual in-game items, said in a statement posted on Twitter that it “severed all ties with Russia and Belarus due to the invasion of Ukraine”.

The company said that Russian and Belarusian users have been banned from registering with Dmarket, and accounts from users from countries have been frozen. The Russian ruble has been removed from the platform, according to Demarkt, which calls itself a “Ukrainian-born startup.”

Cover photo: Jakub Porzycki / NurPhoto

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