Crypto Exchanges Must Pick A Choice For Staying In Russia

Share post:

Crypto exchanges must pick a choice for the decision to remain in Russia despite calls for sanctions.

For crypto exchanges, they can either embrace the ideology of independence from regulation or align with the global financial system.

David Schwimmer, LSEG’s chief executive officer has warned that the crypto industry faces long-term impacts crypto exchanges continue to remain in Russia.

“If that industry is seen as a bad actor … on the implementation of, or the avoidance of, sanctions in terms with what’s going on with Russia, I think that would have a long-term impact in terms of how that industry is perceived,” Schwimmer.

Crypto exchanges came under heavy criticism after top crypto exchanges including Binance and Coinbase refuses calls to prevent Russian users from using their platforms.

For lawmakers, there is a clear possibility that cryptocurrencies could be used to bypass sanctions placed on Russia.

However, crypto exchanges argued that blocking Russian customers means they will be violating their libertarian rules.

For more information, read the original story in Reuters.

Featured Tech Jobs

SUBSCRIBE NOW

Related articles

Lawsuit requires Pegasus spyware to provide code used to spy on WhatsApp users

NSO Group, the developer behind the sophisticated Pegasus spyware, has been ordered by a US court to provide...

OpenAI claims New York Times manipulated ChatGPT “fabricate data”

OpenAI has challenged the New York Times' copyright lawsuit, asserting the newspaper manipulated ChatGPT to fabricate evidence. The...

Wendy’s leverages digital tech to test “surge pricing”

Wendy's is set to experiment with Uber-like surge pricing, a concept referred to as "dynamic pricing," starting in...

Meta is gathering data on Quest virtual reality users

Meta's latest policy update reveals plans to start collecting "anonymized" data from its Quest headset users, intensifying concerns...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways