Hillary Clinton urges crypto exchanges to block Russian users and also even urged the Biden administration to put some more pressure on the exchanges that don’t want to cooperate as we can see further in today’s latest cryptocurrency news.
Former presidential candidate Hillary Clinton urges the crypto exchanges to stop servicing Russian users but also criticized the Biden administration for not pressuring crypto exchanges to end transactions with the users from Russia. She also thinks that regulators should look hard at how to prevent the markets from giving an escape hatch to Russia with both governmental and private transactions in and out of Russia.
The former first lady, US senator, and secretary of state criticized the Biden administration and the Treasury Department as well as many EU governments for allowing Russians to use crypto as an escape route. Commenting on the issue she said:
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“I was disappointed to see that some of the so-called crypto exchanges, not all of them but some of them, are refusing to end transactions with Russia for some, I don’t know, philosophy of libertarianism or whatever. If there has to be legal or regulatory pressure, everybody should do as much as possible to isolate Russian economic activity right now.”
Mykhailo Fedorov who is the vice president of Ukraine tweeted and asked all major crypto exchanges to block addresses for the Russian users including the ordinary users:
“It’s crucial to freeze not only addresses linked to Russian and Belarusian politicians but also to sabotage ordinary users.”
A few major crypto exchanges all said that they will not comply and refuse to freeze the accounts for the Russian users and they included Kraken, Coinbase, and Binance with the exchange will comply with the sanctions requirements. The CEO of Kraken Jesse Powell explained that his exchange can only freeze the accounts for Russian users if there’s a legal requirement from the government and cited what happened in Canada. Powell advised that anyone worried about the accounts being frozen should move their coins away from exchanges and self-custody them.
In the case of Ukraine, the Treasury Department and the Europeans will look hard at how they can prevent the markets from giving an escape hatch to Russia with both the private and governmental transactions in and out of Russia:
“I would hope somebody at the Treasury Department is trying to figure out how to rein in the leaky valves in the crypto market that might allow Russia to escape the full weight of the sanctions.”
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