People in Ukraine say Binance is supporting Putin

People who work for Binance say that even though the world has been trying to stop them from working with the Russian government, they've been working together for a long time now.

Conclusion

  • Before, Binance said that it doesn't plan to stop Russian users from using the platform.
  • Chobanian didn't like the idea of Russian citizens not being able to use cryptocurrency.
  • The founder of a Ukrainian crypto exchange has said that Binance is supporting the Russian government.

KUNA is the Ukrainian cryptocurrency exchange that Michael Chobanian helped start, and he is its CEO. He says that Binance has been working with the Russian government even though the world has been under a lot of pressure. This has been going on for a long time.

Chobanian told CoinDesk's "First Mover" show on Friday that CEO Changpeng Zhao needs to decide what to do about Russia. "The problem with Binance isn't just that they still work on both sides, but that they worked with the Russian government even before the war." The Russian government is still working with them as far as I can tell, though.

Chobanian, who is also the president of the Ukraine Blockchain Association, was in front of the US Senate's Committee on Banking, Housing, and Urban Affairs on Thursday, where he talked about his work. People were at a hearing to talk about how digital assets can be used to do bad things. When he said this, he said that Binance wasn't being aggressive enough with the Russian government.

Binance isn't sure what to do.

Before, Binance said that it doesn't plan to stop Russian users from using the platform. However, it said that it would take action against those who had sanctions put on them, though. Jessica Jung, a spokeswoman for Binance, said, "We don't want to comment on false accusations." We try to help people.

Binance also donated $10 million and started a crowdfunding site called the Ukraine Emergency Relief Fund, Jung said in a press release, which he also read.

Chobanian has not shown that Binance is working with the Russian government. However, the Russian stock market has been very important to the stock exchange for a long time.

Zhao said that Russia was "our main market" in 2019. He also said, "We are always looking for new partners in every community, especially in Russia," and he wrote that.

A Bloomberg interview in which Zhao said that financial sanctions are not a problem for people who use cryptocurrencies. So, it would be unethical to keep all Russians off of the cryptocurrency exchange.

Ukraine's stock market: Chobanian's answer.

Chobanian said that Binance hasn't sent the $10 million it said it would in February. "Binance said that it will donate money to humanitarian aid groups in Ukraine," said the company's CEO.

"They said they gave $ 10 million to the government of Ukraine." But I haven't seen the $10 million. Everyone doesn't know where they went.

At the same time, Chobanian didn't like the idea of completely blocking cryptocurrency transactions for people in the Russian Federation. He said that there are a lot of Russians who don't like Putin's actions and use cryptocurrencies. It's important to make sure that what you do against the Russian government doesn't have an effect on the opposition, which could help to overthrow Putin's regime, says him.

Cryptocurrencies, on the other hand, are still a good choice for Russians who don't like war and don't like Putin's government. Many civilians are right to be afraid that their money will be taken away and want to protect their money. Digital assets are a good way for ordinary Russians to show their opposition to the Putin regime by taking their money out of the Russian Ruble's financial system.

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