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If the banks are down, crypto wallets in Russia must also be down. However, that’s not going to happen.
We’ll spare you the ‘gosh, it’s what’ stories in Ukraine right now to open this article. The fact is that Russia can expect a nice list of sanctions. Among other things, the rich Russians who provide the money to Putin must be tackled by freezing all banks.
Crypto Wallets in Russia
Today, however, money goes to other places. To a crypto wallet, for example. There are plenty of rich people who notice little or nothing of the freezing of banks, because all transactions are done with cryptocurrency. The vice president of Ukraine therefore calls on the major crypto companies to freeze crypto wallets in Russia as well.
Unstoppable
Binance and Kraken, among others, react against CNBC that freezing Russian wallets is not possible. Binance, the largest crypto manager in the world, is not going to freeze thousands or more accounts from one man’s will. Moreover, limiting freedom for the sake of cryptocurrency is “contrary to the ideal of cryptocurrency”.
Jesse Powell, the CEO of another administrator named Kraken, says the same. They cannot block all crypto wallets in Russia without a legal order. That should be accompanied by a disclaimer for Russian users, which cannot be legally issued at the moment.
The ease with which the banks in Russia flew out cannot be used for crypto wallets. There are administrators who have severed ties with Russia and Belarus, but the impact is not great.
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