Coinbase’s chief executive says that the leading US-based crypto exchange platform does not have plans to ban all of its Russian users, but the statement comes with one caveat.
CEO and billionaire Brian Armstrong tells his one million Twitter followers in a lengthy thread that Coinbase is not looking to impose an outright ban on Russian users.
“We are not preemptively banning all Russians from using Coinbase. We believe everyone deserves access to basic financial services. ”
However, Armstrong highlights that the crypto exchange’s stance can change at a moment’s notice. According to Armstrong, Coinbase will always follow the law, and if it calls for it, they will indeed impose a widespread ban on Russian users.
“… Unless the law says otherwise.
Some ordinary Russians are using crypto as a lifeline now that their currency has collapsed. Many of them likely oppose what their country is doing, and a ban would hurt them, too. That said, if the US government decides to impose a ban, we will of course follow those laws.
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. ”
The CEO also says that he believes that it is unlikely for Russian oligarchs to use Coinbase to circumvent the heavy economic sanctions placed on them by the United States and its European allies.
“We do not 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 US dollars cash, art, gold, or other assets. ”
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