Crypto exchange boss rejects blanket ban on Russian users
March 8, 2022 (Investorideas.com Newswire) One of the world's leading cryptocurrency exchanges has confirmed that it will not implement a blanket ban on Russians using its platform, unlike one of its major rivals.
The announcement from deVere Crypto, part of deVere Group, one of the world's largest independent financial advisory, asset management and fintech organizations, comes as a U.S.-based global exchange is currently blocking 25,000 cryptocurrency addresses linked to Russians. The move comes amid concerns that digital currencies will be used to bypass sanctions.
It follows news that American Express is joining Visa, Mastercard and PayPal in suspending operations in Russia following its invasion of Ukraine.
Chief executive and founder of deVere Group, Nigel Green, comments: "A few hundred, named Russian individuals are on the international sanctions list and, of course, we strictly adhere to it.
"However, we're not going to roll-out a blanket ban on ordinary, innocent Russian users, many of whom are already suffering due to the fallout of Putin's war.
‘The situation is inevitably going to get worse, with potentially devastating consequences, as they're frozen out of the financial system. We strongly believe that everyone should be allowed access to basic financial services."
He continues: "We've seen countless examples in recent days of how cryptocurrencies, like Bitcoin, are helping ordinary families in Ukraine either flee or somehow better manage the tragic situation inside the country.
"We feel that ordinary Russians - also caught up in this nightmare - deserve borderless, permissionless, censorship-resistant and unconfiscatable monetary alternatives too.
"We're against Putin's war - and he should be punished - but not the Russian people. We should help, not abandon, the courageous people of conscience there."
In addition, says Nigel Green, cryptocurrencies are not an effective way to dodge sanctions.
"While crypto wallets are anonymous, it must be remembered that transactions are on a decentralized ledger which is traceable, permanent, and public.
"It could be argued that those who are seeking to avoid sanctions would use different methods, such as cash or gold."
He concludes: "There are countless examples globally where those who are dissenting against ruling authoritarian regimes have their accounts shuttered and/or funds stolen. This means they are then trapped, possibly forever.
"This is where Bitcoin and crypto can play a hugely beneficial role as they can receive and send it safely, securely, without censorship.
"Crypto has the potential to make a real difference by giving ordinary people enhanced financial and political freedoms when those fundamental freedoms are under threat."
Twitter: @PriorConsults
deVere Group is one of the world's largest independent advisors of specialist global financial solutions to international, local mass affluent, and high-net-worth clients. It has a network of more than 70 offices across the world, over 80,000 clients and $12bn under advisement.
More Info:
Disclaimer/Disclosure: Investorideas.com is a digital publisher of third party sourced news, articles and equity research as well as creates original content, including video, interviews and articles. Original content created by investorideas is protected by copyright laws other than syndication rights. Our site does not make recommendations for purchases or sale of stocks, services or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investing involves risk and possible losses. This site is currently compensated for news publication and distribution, social media and marketing, content creation and more. Disclosure is posted for each compensated news release, content published /created if required but otherwise the news was not compensated for and was published for the sole interest of our readers and followers. Contact management and IR of each company directly regarding specific questions.
More disclaimer info: https://www.investorideas.com/About/Disclaimer.asp Learn more about publishing your news release and our other news services on the Investorideas.com newswire https://www.investorideas.com/News-Upload/
Global investors must adhere to regulations of each country. Please read Investorideas.com privacy policy: https://www.investorideas.com/About/Private_Policy.asp
