If Russians are blocked on major international crypto exchanges, they will be able to use small trading platforms located in Russia, Changpeng Zhao claims.
Changpeng Zhao, CEO of Binance, the world’s largest crypto exchange in terms of trading volume, said that the US and EU sanctions against Russia will not harm the crypto industry. According to Zhao, if access to large international crypto exchanges is blocked, Russians will be able to use small trading platforms located in Russia. liquidity to platforms if they see such a need, Zhao believes. .
Zhao also explained that exchanges are not needed to use cryptocurrency. To start using digital assets, you only need an open source crypto wallet. After installing the wallet, the user will be able to accept payment in cryptocurrency, added the head of Binance.
“They don’t need an exchange. They just need a wallet,” Zhao emphasized.
The head of Binance added that the crypto exchange strictly follows international law and implements sanctions. The trading platform does not consider it right to restrict access to its infrastructure to all Russian users, however, it will do so if such a requirement comes from the regulatory authorities.
“Should Binance block cryptocurrencies for all Russians unilaterally? Let me ask this in a different way. Should a Parisian coffee shop refuse to serve a Russian customer? Or pick up his wallet while he’s at the coffee shop. The answer is no,” Zhao explained.
Previously, Binance restricted access to the platform to Russian citizens included in the US and EU sanctions lists. Also, cardholders of Russian banks subject to sanctions cannot use these cards on the platform. Cryptocurrency exchanges CEX IO, KUNA, BTC-Alpha and Qmall introduced various restrictions on Russian, Ukrainian and Belarusian users. From Russia. The head of the Kraken crypto exchange, Jesse Powell, said that the platform does not yet plan to block users from Russia, but it can do this if such a requirement comes from the US authorities or other countries.
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