At least two major exchanges have told Russians they are open for business.
Brian Armstrong, the CEO of Coinbase, explained his stance in a series of tweets earlier this week, saying that if US laws or sanctions prevent them from doing so, they will keep their markets open.
Some ordinary Russians are using the virtual currency to survive. A ban would hurt them because they oppose what their country is doing. We will follow the laws if the US government imposes a ban.
8/ 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.
— Brian Armstrong – barmstrong.eth (@brian_armstrong) March 4, 2022
The concern that everyday people need access to financial services is true, as shown by the clips of Russian citizens lined up outside a bank waiting to take out cash while they still could, in a video published on YouTube this week. The statement was made via email.
A spokesman for the world's biggest coin exchange told the outlet that they were not going to freeze millions of accounts.
The decision is not surprising given the history and leadership at the exchanges. According to the Daily Mail, the Chinese government banned the use of cryptocurrencies, and that's why Binance moved to the Cayman Islands.
He said online that people affected by sanctions wouldn't be likely to use a product that tracks money movements. Even though it is admirable for any financial institution to help citizens trapped in a dictatorship, they can only do so if the US does not impose blanket sanctions.
Russian residents will not be able to find financial services if that happens.
The authorities are angry that Russia attacked the nuclear plant.
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