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• The cryptocurrency exchange will continue to prohibit accounts of sanctions-targeted Russians
• Ukraine receives $20 million in Bitcoin donations targeted for military support
Coinbase Global ,Inc. (COIN ), a cryptocurrency exchange based in the United States, will continue to prohibit accounts and transactions for Russian individuals who are subject to sanctions, but it will not ban accounts of all Russian users.
"At this time, we will not institute a blanket ban on all Coinbase transactions involving Russian addresses," a Coinbase spokesperson told Reuters.
The remarks follow Ukraine's Vice Prime Minister, Mykhailo Fedorov, calling on all major cryptocurrency exchanges to suspend all Russian user accounts on Sunday.
Read more: US halts operations at its Belarus embassy, advises non-emergency officials to leave Russia
Fedorov tweeted: "It's crucial to freeze not only the addresses linked to Russian and Belarusian politicians but also to sabotage ordinary users."
Ukraine has received $20 million in Bitcoin donations targeted for military support since being invaded by Russian soldiers.
Russia has also been barred from accessing the SWIFT network, which connects international banks and permits cross-border financial transfers.
The United States placed several Russian persons and financial entities on the Specially Designated Nationals list last week. It prohibits American corporations and individuals from doing business with anybody on the list. On Monday, the United States sanctioned Russia's central bank.
The Russian central bank raised its interest rate from 9.5 % to 20 % on Monday, as the Ruble fell to a new low versus the US dollar.
Coinbase has joined other cryptocurrency exchanges that have refused to comply with the Ukrainian government's request to ban all accounts.
Read more: Russia, Ukraine talks end with no conclusion
Binance, the world’s biggest crypto exchange, on Monday, said “Crypto is meant to provide greater financial freedom for people across the globe. To unilaterally decide to ban people’s access to their crypto would fly in the face of the reason why crypto exists,”
Jesse Powell, the chief executive of crypto exchange, Kraken, on Monday tweeted that "Our mission is better served by focusing on individual needs above those of any government or political faction. The People's Money is an exit strategy for humans, a weapon for peace, not for war."
Picture Credits: Globalise