A Coinbase spokesperson said the exchange will not impose a blanket ban on Russian users despite Ukraine's request. "A unilateral and total ban would punish ordinary Russian citizens who are enduring the historic destabilization of the currency following their government's aggression against a democratic neighbor," the spokesman said. Ukraine has so far received $ 20 million in bitcoins in donations. Most of these donations went to the Ukrainian army which is now fighting the invasion by Russian forces. Some of the most respectable people in the crypto community are already joining these donations. FTX CEO Sam Bankman-Fried said that each Ukrainian user will receive $ 25 in their accounts. Gavin Wood, founder of Polkadot, also pledged a $ 5 million donation.
Other major exchanges have also followed suit and denied this request from Ukraine. Kraken's chief executive was the first to express his opposition to this move. “Our mission is best served by focusing on individual needs above those of any government or political faction. The people's money is an exit strategy for human beings, a weapon for peace. Not for the war, ”Powell said.
Binance, the largest exchange globally by trading volume, also refused this request. A spokesperson for the exchange spoke to CNBC, saying Crypto is intended to provide greater financial freedom for people around the world. Unilaterally deciding to ban people's access to their Crypto would run counter to why Crypto exists. Some of the other major exchange platforms, such as CryptoCom and FTX, have yet to publicly respond to this request. Bankman-Fried is among the crypto executives who appeared for a hearing in Congress to testify on the crypto sector.
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