Changpeng Zhao: "The situation regarding users from Russia remains difficult"

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The head of the largest cryptocurrency exchange Binance, Changpeng Zhao, said that the global platform is not going to ban access to users from Russia, but the situation remains “complicated.”

Many cryptocurrency exchanges followedEuropean and American sanctions that prohibit the provision of services to users from Russia. These included companies such as Crypto.com, Kraken and Blockchain.com. But Binance is not yet going to follow their example, at least not all legal entities of the exchange. 

Thus, sites licensed in Europe, for example, in France, Italy, Lithuania or Sweden, will not be able to serve Russian users. But so far there are no plans to completely close Binance for Russians.

“We are not against people.Against military dictators, but not the population. But as a company, we are licensed in various places and we need to follow the rules. This is quite a difficult situation. We are consulting with regulators on this matter, and it is not yet clear how all this will be resolved at the international level. We are waiting for the experts’ opinion, in general, everything is complicated,” said Changpeng Zhao.

Let us recall that in 2019 Zhao named Russiaa key market for Binance. In April, the exchange introduced restrictions for Russians with a deposit of more than 10,000 euros, but is in no hurry to support a complete ban.