Mykhailo Fedorov, Ukraine’s vice prime minister and minister of digital transformation, has requested that major crypto exchanges block the addresses of Russian and Belarusian users. Ukraine is now preparing to make legal demands to ensure its pleas are acted on:
Fedorov has written to eight prominent cryptocurrency exchanges voicing the request in the hope of blocking some of Russia’s potential military funding: “It’s crucial to freeze not only the addresses linked to Russian and Belarusian politicians but also to sabotage ordinary users’ [access],” Federov later tweeted:
Demands Require Legal Backing
Ukraine has promised “generous rewards” for anyone with information about the crypto wallets of Russian and Belarusian politicians. The vice prime minister’s ministry then turned its attention to Coinbase, Binance, Huobi, Gate.io, Whitebit, KuCoin, Bybit, and Kuna to address them directly. However, Jesse Powell, co-founder and CEO of Kraken, explained why blocking these users without the backup of legal demands was not possible:
Powell argued that, while Kraken maintains its anti-war stance, blocking users would infringe on what crypto stands for:
The People’s Money is an exit strategy for humans, a weapon for peace, not for war.
Jesse Powell, Kraken CEO and co-founder
In addition, Coinbase has refused to implement Fedorov’s request, saying:
Our mission is to increase economic freedom in the world. A unilateral and total ban would punish ordinary Russian citizens who are enduring historic currency destabilization as a result of their government’s aggression against a democratic neighbor. We remain vigilant as this invasion evolves and are deeply committed to playing our part.
Coinbase statement
Ukraine Embraces Cryptocurrency
Ukraine as a nation has opened its arms to cryptocurrency. In September 2021, draft legislation was passed with the intention to legalise and regulate bitcoin. The purpose of the bill is to protect those who own and trade in bitcoin.
Since the beginning of Russia’s military invasion, Ukraine has had the support of crypto users from around the globe. As of early March, US$37 million had been donated to both the Ukraine government and non-governmental organisations.
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