Crypto Exchanges Impose Sanctions Against Russia

In connection with the war in Ukraine, several cryptocurrency exchanges decided to impose their own sanctions against Russia and blocked access to cryptocurrencies for Russian and Belarusian users.

Crypto exchange QMALL also blocked the assets of all citizens of the Russian Federation and Belarus due to military conflicts in Ukraine:

“We block the accounts of citizens of the Russian Federation and Belarus in connection with the active hostilities of the armies of these countries on the territory of Ukraine! All assets of Russian and Belarusian users are BLOCKED!”.

The BTC-Alpha exchange also decided to close access to cryptocurrencies for Russians until the end of the Russian attack on Ukraine:

“We have to suspend the platform for Russian citizens and residents for an indefinite period until the situation in Ukraine is back to normal. All other users are free to use the exchange as usual. Let’s save Ukraine together and say no to World War III! Our sincere support for Users from Ukraine!”

Other platforms have taken a less firm and unambiguous stance. For example, Kuna turned off all ruble pairs, and also closed the deposit and withdrawal of the ruble. However, in a conversation with ForkLog, the founder of the company, Mikhail Chobanyan, said that the restrictions apply exclusively to transactions with the ruble, but customers from Russia can still withdraw cryptocurrency to third-party addresses.

One of the users of the official Russian-speaking group WhiteBIT on Telegram asked if the exchange could block the accounts of Russian citizens who have undergone KYC procedures.

To which the administrator replied that the platform had suspended the registration of new users from Russia “due to the implementation of new verification procedures for sanctions lists.” Based on the results of checking most of the accounts, the exchange stated that it did not reveal any violations.

And the platform has suspended the registration of new users from Russia (less than 4 months), Belarus (less than 4 months) and Ukraine (less than 2 months).

For users from Ukraine with accounts older than 2 months, the exchange cancelled fees for withdrawing funds to fiat. And existing users from Russia, Belarus with accounts older than 4 months can still use the service.

The exchange decided to turn off trading pairs with the Russian ruble, the deposit and credit in this currency are also not available.

The BTC-Alpha team together with trusted volunteer communities created a charity fund ‘‘Alpha for Ukraine’. You can make a donation to help everyone in Ukraine who needs medicines, humanitarian aid and to support the defence of the country.

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