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Changpeng Zhao: Binance won’t block Russian accounts beside sanctions list

Changpeng Zhao: Binance won’t block Russian accounts beside sanctions list

The CEO of the world's largest cryptocurrency exchange, Binance, has said his company will comply with sanctions against Russia but will not restrict access to all Russians who are not on sanctions lists.

As the CEO said in an interview with Bloomberg, his company has complied with international requirements by freezing accounts of those on sanctions lists. Moreover, it has stopped working with the cards of those Russian banks that have been hit by the sanctions. However, it would be "unethical" to restrict all other Russians who have nothing to do with the war. 

The head of Binance also noted that if sanctions are extended, the cryptocurrency exchange will comply with the requirements of the authorities, so future restrictions on transactions for Russian residents could be imposed. Currently, the website has a strict verification process for every new user in order to prevent anyone who is on the sanctions list from trading.

Related: Opinion: Cryptocurrency as a circumvention of U.S. sanctions for Russian investors


Binance

Binance is the world's largest cryptocurrency exchange in terms of trading volume (about $2 billion daily). It was founded in 2017 by Changpeng Zhao, and in a couple of years it has grown into an entire blockchain ecosystem representing the whole spectrum of cryptocurrency products and services. These include a decentralized exchange (Binance DEX), a public blockchain with fast execution (Binance Chain) with an add-on for smart contracts and Ethereum support (Binance Smart Chain), an infrastructure development fund (Binance Labs), an information website (Binance Info), a training center (Binance Academy), a research center (Binance Research), and a nonprofit organization for achieving sustainable development goals (Binance Charity Foundation).       

Trading volume: $27.9 billion.

Number of trading pairs (markets): 1643

Legal status: registered in the Cayman Islands

Fiat currencies: over 43 (including USD, EUR, CAD)

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