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Coinbase claims it will only prohibit Russian users from its platform if required by law

Coinbase CEO Brian Armstrong addressed the ongoing issue of Russian citizens being banned from using cryptocurrency exchanges, stating that Coinbase would not proactively ban Russians from its platform. However, Coinbase will not act on its own accord; it will impose bans and sanctions if required by the US government. He said that any firm registered in the United States is subject to the same set of laws.

That’s why assuming that cryptocurrency companies like Coinbase would ignore these sanctions rules is a mistake, he says.

According to Armstrong, the exchange already has a thorough screening procedure in place for all new users that join the exchange. The exchange also doesn’t allow transactions from IP addresses that may belong to people or companies that have been banned. The exchange is always checking its users’ information against global watchlists.

Because of the Ukraine situation, Armstrong said that Coinbase agrees with the US Treasury and National Security Council that there is no longer a risk that Russian billionaires will use cryptocurrency to avoid sanctions because of the Ukraine situation.

As a result, Coinbase will not exclude Russians from using its platform ahead of time. Armstrong said that, until the law states differently, business believes that everyone deserves access to fundamental financial services.

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Jeewan Singh
Jeewan Singh
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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