Coinbase and Tether on their way to ban Russian accounts
Coinbase and Tether, two of the biggest firms in the crypto industry, have confirmed that they might be taking "preventive" measures and banning the crypto addresses from Russia. The CEO of the crypto exchange, Brian Armstrong, confirmed that if "every US company has to follow the law - it doesn't matter if your company handles dollars, crypto, gold, real estate or even non-financial assets," hinting at increased possibilities of a ban on Russian addresses.
Coinbase will follow the law
In his tweet, Coinbase's CEO confirmed that the company has always kept up with the regulatory laws from the United States and "block transactions from IP addresses that might belong to sanctioned individuals or entities, just like any other regulated financial services business."The CEO also confirmed that trying to avoid US or EU sanctions via cryptocurrencies would be less likely because since the crypto transactions are stored on an open ledger, they can easily be traced, unlike physical cash or gold, etc. Armstrong also shared the tweet of the head of the US National Security Council, Carol House, who had a similar opinion. The tweet can be seen below:
"We'll also, of course, keep working to enable crypto services for the people of Ukraine who are in need of help," added Armstrong.
Tether will also comply
The organization behind the Tether stablecoin or USDT, Tether Operations Limited, will also comply with the US sanctions when and if the time comes. The CTO of the organization, Paolo Ardoino, talked to Colin Wu, a Chinese crypto journalist, on the matter.Colin Wu confirmed in his recent tweet that "Tether is constantly conducting market monitoring to ensure that our operations are not in contravention of international sanctions. This is part of Tether's rigorous compliance program." On the other hand, a recent report from Cryptonary confirmed that Treasury Secretary Janet Yellen was urged by lawmakers to confirm that big firms in Russia don't work their way around these sanctions.
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