The start of the crypto trading terminal blocks all Russian accounts

The start of the crypto trading terminal blocks all Russian accounts

While cryptocurrency exchanges assert themselves to prohibit Russian customers in general, an emerging company does the opposite.

Start of a cryptocurrency trading terminals Hyperlinq

"I know that the majority of the stock exchanges have decided not to block Russian users, and that is their business decision and I respect them," said CEO Amar Gautam. "But we are very concerned about the human suffering that happens in Ukraine."

Russian accounts make up about 2 % of Hyperlinq's business, said Gautam. Users in Russia were informed in advance that their accounts were blocked, he added, but Hyperlinq had not yet received any feedback.

"It doesn't matter how big or small your company is," said Guatam. "I have a very strong opinion and think that stock exchanges should do more."

NOT-IS exchanges such as Binance and FTX have argued that it is crucial to get the access of the Russians to crypto when you consider that they are increasingly dependent on digital assets, since the ruble crashes in the face of severe US and European sanctions.

Binance that does not have an official headquarters will "not unilaterally freeze the accounts of millions of innocent users," said a spokesman. The FTX based on the Bahamas "plans to continue to comply with the laws regarding sanctioned countries," said a spokesman.

"The stock exchanges say that normal people in Russia are not responsible for this war and that freezing their funds would cause them difficulties," said Guatam. "I understand this argument. I think even if you don't want to freeze your funds, you at least prevent you from trade."

Coinbase, which was publicly behind Russian users in view of sanctions, still blocked 25,000 wallet addresses, which were associated with allegedly Russian individuals and organizations that were involved in illegal activities on Monday.

Hyperlinq plans to donate all of his March revenue for efforts in Ukraine, said Guatam.

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The article Crypto Trading Terminal Startup locks all Russian accounts is not a financial advice.