Crypto Exchanges Resist Ban Russian Transactions

 Crypto Exchanges Resist Ban Russian Transactions

Crypto Exchanges Resist Ban Russian Transactions

Binance and Coinbase have rejected the Western calls to ban Russian users from using their crypto platform. Experts believe the attempts of Western allies to isolate Moscow may become weak if these two biggest exchanges deny stopping Russian citizens from using their services.

Coinbase CEO Brian Armstrong tweeted everyone deserves the right to access some basic financial services if it is not stated otherwise by the law. Binance spokesperson said the exchange will not be freezing the accounts of millions of users. However, both the exchanges stated to be complying with the sanctions of the US government.

The Western allies have urged most major crypto exchanges to ban their services for Russian citizens to prevent the parking of assets by using crypto coins. The exchanges have argued they are equipped to counter abuse of their services.

Russia's invasion of Ukraine started in late February and the war has entered the fourth week. The Bitcoin price has jumped thereafter as people started buying the crypto coin fearing devaluation of ruble amid various sanctions of the Western allies including the ban on its oil imports.

Cryptocurrency is a decentralized financial segment and money can be moved and stored using the platform anonymously.

Meanwhile, a couple of corporate giants are preparing to exit Russia. Exxon Mobil earlier stated to be moving out its oil and gas operations from the country. Boeing Co suspended the technical and maintenance support for the country's airline industry. The list is growing and includes Shell, BP, AerCap and HSBC.

Meanwhile, it is learned the annual inflation of Russia has jumped to 12.5 percent and citizens are now feeling the pinch. Statistics from Rosstat stated the inflation between March 5 and March 11 was 2.1 percent and the figure was the second-highest in a week in over two decades.

Kommersant business newspaper media house reported the annual inflation jumped by 10.4 percent in food priced between February 26 and March 4. The figure is the highest jump since 1998.

Social media is flooded with inflation issues in the country. A user wrote a can of the tune used to earlier cost 130 roubles, but now it is priced tagged as much as 180 roubles. Another user tweeted the crisis of sugar has begun as very few shops have stocks.

The native currency has lost about 20 percent against USD and this has triggered the prices of several products at retail counters. Procter & Gamble has raised the prices of its products by 40 percent due to higher costs in materials, logistics and more.

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