Binance CEO Changpeng Zhao said the exchange will comply with restrictions on individuals but reject a general ban.
Zhao stated that the exchange is not in a position to impose a general sanction.
Speaking to BBC Radio 4, CZ said, “There are several hundred people in Russia, most of them politicians, on the international sanctions list, and we are following that very closely.”
“We distinguish between Russian politicians who started the war and normal people. Many Russians are not pro-war.
We are not political, we are against war, but we are here to help the public”
Zhao said he did not know how many accounts were frozen because of Russia’s affiliation, but that Binance knows its customers and provides services to sanctioned individuals. He insisted that he would not allow it to be used.
“There are tens of thousands of stock markets in the world. Many are very small, many less secure. Many are also less compliant. We do not dominate the industry. I can post my sanction list, and you can too. Guess what? No one else will consider the list. It just causes Russian users to switch to smaller platforms
… If people want to evade enforcement, there is always more than one way. You can avoid sanctions by using US dollars, using cash, using diamonds, using gold. I don’t think it’s a crypto specific case”
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