24 Happenings
3 min readMar 7, 2022


The Kraken Stock Exchange will not close Russian accounts except upon legal request!

CEO and co-founder Kraken Kraken, Jesse PowellThe San Francisco-based company is subject to legal sanctions requirements and works with law enforcement to ensure that prohibited accounts are not violated.

As stressed Paul Powell The general ban is unfair to ordinary Russians, who may not support the country’s invasion of Ukraine.

where mentioned Paul Powell for channel CNBC:

“It’s a very extreme measure, other than cutting off someone’s access to a music streaming service or applying photo sharing, and we take the issue of blocking people financially very seriously.”

On the other hand, the United States, the United Kingdom and the European Union have announced waves of sanctions against Russia to pressure President Vladimir Putin to repel the attack on Ukraine.

This includes excluding the country from the global payment communications system RAPID widely used. I stopped both Visa Visa AndMaster Card MasterCard And big banks and other groups like e.g. Win Win AndCamel appleon doing business in Russia.

Despite the restrictions, payment companies are still technically allowed to operate there, as long as the accounts do not appear on the sanctions list. And he said Paul Powell That if the United States and its NATO allies go one step further by imposing a national embargo, such as that on North Korea and Iran, the stock market will move and do what is needed.

where he said:

“When we are legally obliged to do this, we will freeze bills, but when it comes to punishing people, we have not seen that it works well. When you go to freeze people’s financial bills, they can no longer pay rent and debts, buy food and family support. “

The Kraken Stock Exchange will not close Russian accounts except upon legal request!

It is worth noting that Ukrainian officials had urged the encryption industry to intervene, as the Deputy Prime Minister Mykhailo Fedorovmaking a call through Twitter In all major cryptocurrency exchanges for blocking addresses, he said it is necessary to block addresses associated with Russian and Belarusian politicians, as well as regular users who are saboteurs.

While my competitors Kraken proverbs Binance Binance AndQueen Bees Coinbase AndFTX FTXThey are still operating in Russia, according to the data company BadThey have seen more activity in Eastern Europe since the conflict began. Trading in the Russian ruble and the Ukrainian hryvnia have reached their highest levels in recent months, suggesting increased demand amid the conflict.

On the other hand, a spokesman said: Binancethat the stock market “It will not unilaterally freeze millions of accounts of innocent users, but it will block the accounts of any individuals on the sanctions lists, while ensuring the full implementation of all sanctions.”.

As the CEO said Queen Bees Coinbase, Brian Armstrongsomething similar on Thursday night, where he clarified that the stock market did not ban “Precautionary” All Russians have access to the platform.

He wrote Armstrong On Twitter:

“We believe that everyone deserves access to basic financial services, unless otherwise required by law.”

“If the US government decides to impose a ban, of course we will follow these laws,” he added.

Finally, some in Congress have suggested that cryptocurrencies could be used by Russia to circumvent sanctions. where I wrote Elizabeth Warren and three other Senate Democrats, a letter to the Treasury asking for clarification on how they oversee industry and the ability to discourage sanctions.

Source: Crypto Arabia

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