Binance CEO Changpeng Zhao (CZ) believes that cryptocurrencies cannot be used to evade sanctions.
CZ stated that cryptocurrencies are a terrible option to evade sanctions.
Cryptocurrencies have helped the Ukrainian government and several non-governmental organizations that have managed to secure donations to help the war-affected country deploy its emergency resources and repel the Russian invasion.
However, the presence of Russian oligarchs trying to circumvent the sanctions of western states by using cryptocurrencies increased the concerns. Binance CEO, on the other hand, believes that “no one smart” would use crypto to do this.
CZ, in an interview with CNN, emphasized that cryptocurrencies are traceable due to blockchain technology and said:
“If you look at the data, no smart person would do that. Crypto is traceable and governments around the world are getting better and better at tracking crypto transactions. So crypto isn’t a good option for the job”
Binance has joined other exchanges like Coinbase and Kraken in refusing to unilaterally freeze Russian users’ accounts, even though it says the platform complies with government sanctions.
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