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Ukraine Asks Exchanges to Freeze Russian, Belarusian Crypto Accounts

Ukraine requests several Cryptocurrency exchanges to freeze Russian and Belarusian Crypto Accounts amidst war events


  • Mar 02, 2022
  • 3 Mins
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  • Updated : Nov 01, 2022

Amid Russia’s invasion of Ukraine, a few days ago the vice prime minister and the minister of digital transformation of Ukraine, Mykhailo Fedorov asked the cryptocurrency exchanges throughout the world to block the addresses of Russian users. He made a tweet on the 27th of Feb, 2022, and urged that the exchanges not only freeze the accounts of Russian and Belarusian politicians but also ‘’sabotage the ordinary users’’.

The ‘Russia vs Ukraine’ Crisis

Following Russia’s demand to end NATO's eastward expansion, the president of Russia Vladimir Putin launched a military operation in Ukraine on the 24th of February, 2022. The eruptions were heard all over the country, whereas the foreign minister warned that a "full-scale invasion" had commenced.


The tensions between Russia and Ukraine have been there for a long time. However, things started getting more complicated last year when the president of Ukraine, Volodymyr Zelenskyy requested US President Joe Biden to let Ukraine join NATO. This event outraged the Russian forces who sent troops to the Ukraine border and started sanctions.


Moreover, the government of Russia has also requested that NATO will not carry out any military activity in eastern Europe and Ukraine. During the recent invasion, more than 350 civilians have lost their lives. On the other hand, more than a half-million refugees have escaped.

The Responses to Ukraine’s Request

After the United States and European Union decided to cut some Russian banks out of Swift which is the international payments messaging system and freeze the overseas assets of Russia’s central bank, Federove made his appeal through his tweet where he requested the exchanges to freeze Russia’s and Belarusian’s accounts. Following his plea, here are some of the responses to the different exchanges.

Binance 

Binance, which is the leading cryptocurrency exchange according to its trading volume, declined the request made by Federov stating that it will not freeze any of the assets that Russia holds. One of the Binance representatives informed CoinDesk that they have no plans of freezing the accounts of the innocent Russians.


Binance believes that cryptocurrency is meant to empower people financially. And if they cease their power, the real value of crypto would come into question. However, they do agree to offer their full support to the oppressed. Binance may have not agreed to Federov’s plea but it does commit to donating $10 million to Ukraine.

DMarket 

DMarket is a digital assets company based in Ukraine. This platform serves as an exchange where the virtual assets and NFTs gained through games can be traded. The CEO and founder of DMarket, Vlad Panchenko has frozen the accounts of Russian and Belarusian users. It also plans to ban registrations for the users of Russia and Belarus.

Kraken 

Kraken also refused to accept Federov’s request. The founder of Kraken, Jesse Powell explained his reasons through a retweet where he stated that people’s asset is their weapon for peace, not for war. He also mentioned that Russia should be aware of these requirements. Powell made it clear that they will not abuse their platform for any of the government or political factions.

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Disclaimer: Information found on WWCrypto is those of writers quoted. It does not represent the opinions of WWCrypto on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.


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Dawar is one of our Freelance Associates at WWCrypto, Dawar is tasked with writing high quality content on a regular basis for us. Dawar joined us in January 2022.


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