Currency.com Halts Services in Russia. Here’s why

Paigambar Mohan Raj
Source: Bitcoin news

Currency.com, a popular cryptocurrency exchange, has announced the suspension of services to Russia-based clients as part of the latest drive against their activities and mounting indicators of sanction evasion. Currency.com had previously ceased accepting new accounts from Russian Federation residents.

Vitaly Kedyk, CEO Currency.com, said,

“The Russian invasion of Ukraine brought violence and disorder to the people of Ukraine. We condemn the Russian aggression in the strongest possible terms. We stand with Ukraine and everyone who denounces this terrible war. In these circumstances we can no longer continue to serve our clients from Russia.”

This decision will not affect clients from other nations or regions. Currency.com’s worldwide network, which includes offices in London, Gibraltar, and Vilnius, will continue to serve its global client base.

Currency.com has donated almost $1 million to aid the humanitarian catastrophe in Ukraine since the conflict with Russia began.

The exchange has contributed $500,000 to the Ministry of Health of Ukraine and the Ukrainian Red Cross Society’s joint disaster relief efforts. The money will be utilized to help displaced Ukrainians with medical care and necessities.

Another $200,000 was given to ASAP Rescue, a Ukrainian volunteer organization that assists civilians in evacuating amid natural disasters and social unrest, and $300,000 was given to the Ministry of Social Policy and Global Giving to assist Ukrainians in obtaining food, shelter, and medical care.

Other exchanges vs Russia

Unlike Currency.com, few actions involving well-known crypto exchanges have been taken in Russia. This is despite widespread calls from the crypto community for penalties to be imposed on the offending countries. Binance, for example, has declined to carry out any sanctions, claiming that it will not just freeze the accounts of innocent traders.

Binance is well aware that if the sanctions are implemented, innocent traders may be caught in the crossfire. Another example is Kraken, whose CEO has downplayed the likelihood of a suspension based on government directions. However, several investments have either paid or ceased their operations in Russia for the time being.