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Ukraine has banned crypto trading for Russians. Major crypto exchanges are responding to this demand.

Feb 28, 2022

Ukraine has requested that major cryptocurrency exchanges stop transmitting financial transactions of Russia and Belarus, amid growing speculation that Russia will use the platforms to subvert recent economic sanctions on the country.

The United States and its allies blocked several Russian banks from the SWIFT system. A bulk of Moscow’s offshore assets were also frozen on Sunday.

The country represents the second-largest crypto holder in the world, with a market capitalization of about 12 percent.

But Fedorov's announcement was met with backlash from the community, with many stating that the move would be against the decentralized, non-politicized nature of crypto.

Jesse Powell, the CEO of Kraken, said that he respects people's concerns, but will not block Russian users. Kraken is one of Russia's biggest crypto platforms.