Binance CEO – Changpeng Zhao maintains Russia cannot escape sanctions with Crypto

The CEO of Binance, the largest Cryptocurrency exchange in world, Changpeng Zhao has in a recent interview with Richard Quest, the host of CNN’s Quest Means Business, maintained that Russia cannot use crypto to evade sanctions placed on her state by U.S, EU and other countries, following the Russian invasion of Ukraine on Thursday, February 24, 2022. According to him, crypto is too traceable, a trait that makes it unsuitable for dodging sanctions.

 

This interview was preceded by Coinbase Chief, Brian Amstrong’s tweet on March 4, where he stated that Coinbase is not keen on freezing or banning Russian users accounts, adding that he believes everyone deserves access to financial services except otherwise stated by the law.

CZ believes its a dumb move for any smart person to try to patronize crypto exchanges in a bid to dodge government sanctions as he pointed out that governments around the world are advancing in their methods of tracing crypto transactions.

Changpeng Zhao also know as CZ, claims Binance adheres to the sanction rules but considers it illegal to ban or freeze assets of all Russian users.

However, he reassuringly said Binance observes the sanction rules closely and will block anyone on the sanction list. CZ adding that Binance would also block the accounts of anyone that is remotely related to the people on the sanction list.

In demonstration of the organization’s willingness to adhere to sanction rules, CZ said it is up to the governments to decide whose assets Binance should freeze or unfreeze, stating that the exchange will stand by its decision not to ban all Russian users as it is illegal.

Condemn the war, not the people

The recent realities of the Russo-Ukrainian war has left many organizations sitting on the fence on who takes the blames for the increasing, yet seemingly under-reported loss of lives and property in Kyev and other parts of Ukraine. But that is not the case for the Binance chief as CZ has said Binance is against the war and the politicians that started it.

He went further to say that Binance is not against the people because both Ukrainians and Russian citizens have been affected by the war, adding that Binance seeks to help the people overcome their difficulties.

Binance was among the first few companies to announce their pledge of $10 million aid to Ukrainian refugees following the invasion by Russian troops and exfiltration of Ukrainian civilians to neighboring countries. CZ stated that Binance has already remitted most of the pledged amount.

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