Belarus-Based Crypto Exchange Bans Russian Clients Amid Ukraine Invasion
As Russia’s invasion of Ukraine continues to draw businesses away from the aggressor's economy, the Minsk-based crypto exchange Currency.com is joining the expanding list of companies that decided to withhold their services from Russia’s residents.
The latest move follows the company’s earlier decision to stop opening new accounts for clients from the Russian market.
Vitaly Kedyk, CEO of Currency.com's Ukrainian operations, was quoted in a statement as saying that,
“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.”
Most recently, the platform was reported to be opening an office in Lithuania’s capital Vilnius to accommodate employees who want to “take a sabbatical” from the firm’s Belarusian headquarters.
Belarus is helping Russia in its war against Ukraine by accommodating the invader’s military, and its participation in the invasion has triggered an international outcry against its dictator, Alexander Lukashenko.
With this in mind, the political implications of the company’s latest decision put Currency.com in a potentially risky position in Minsk.
“Clients from other countries and regions will not be impacted by this decision. Currency.com will continue to serve its global client base through its international network comprising offices in London, Gibraltar and Vilnius,” the platform said.
Since the war’s outbreak, Currency.com has donated more than USD 1m to support the humanitarian crisis in Ukraine, according to data released by the firm.
Set up in 2018, Currency.com says its offices are located in Belarus, Gibraltar, the UK, the US, and Ukraine.
- EU Clarifies Crypto-Related Sanctions on Russia & Belarus, But Questions Remain
- State-owned Belarusbank Launches Crypto Exchange Amid Sanctions Against Lukashenko
- Belarus Chemicals Giant Explores ‘Making Payments in Crypto’ as Sanctions Bite