Binance blocks crypto accounts of relatives tied to the Russian government - page 3.

suzanne5223

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Quote from: Erumo on April 29, 2022, 09:33:50 AM

Many will read this article as "Binance blocks crypto accounts of Russians". Does Russian government hold crypto on Binance? Looks bs to me. These guys have numerous bank accounts in offshore banks, filled with US dollars. Imho, with such action, Binance only harms their reputation.

First, we don't know for sure if the Russian government holds crypto on Binance but with Binance being the most reputable crypto exchange in the market there's a chance for the Russian government to hold some crypto on Binance in spite of numerous crypto and fiat in offshore bank/crypto exchange.
But I don't see any reason why the Binance decision will affect their reputation or do you forget that Binance is a CEX, not DEX, and they have some rules and regulations to follow.

Quote from: Erumo on April 29, 2022, 09:33:50 AM

All Russian users will migrate from it during next few months.

This is expected because when the rumor of Binance blocking Russian related accounts it's a sign that the decision may happen anytime and even if Binance don't want to do it their Master License holder will force them to take the action.

stompix

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Quote from: Similificator on April 29, 2022, 08:21:48 AM

Imagine being on a different country miles away from Russia but having relatives there and you suddenly see that your account has just been banned from binance. That'd be pretty infuriating

Oh common, before getting infuriated at least read the article!
It's not like the average Igor who has fled the country 30 years ago and still has some 7th-degree relative that has become a city council in Chekalin is going to have his funds seized.

Quote

According to the report, the affected persons included Elizaveta Peskova, the daughter of Russian President Vladimir Putin’s spokesman, Dmitry Peskov, and Polina Kovaleva, the stepdaughter of foreign minister Sergei Lavrov. Binance said it had also blocked Kirill Malofeyev, the son of Konstantin Malofeyev, a Russian oligarch who was previously charged with violating sanctions from the United States.

Let's see
-daughter of Mordor's spokesperson
-stepdaughter of the foreign minister
-son of an oligarch with a net worth of billions

So while they threaten everything western and discuss how even if they nuke the whole world they will be the only ones going to heaven they still try to use foreign services. Why not stick to their own exchanges and their precious rubles?

Pomogator

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This sometimes proves that Binance will do everything that is whispered to it from the outside. If now they are doing this with Russian officials who are objectionable to everyone, then in the future this can happen to everyone. I see this as a wake up call for all of us.

Erumo

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Many will read this article as "Binance blocks crypto accounts of Russians". Does Russian government hold crypto on Binance? Looks bs to me. These guys have numerous bank accounts in offshore banks, filled with US dollars. Imho, with such action, Binance only harms their reputation. All Russian users will migrate from it during next few months.

jackg

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Quote from: Hydrogen on April 29, 2022, 09:10:18 AM

These measures are meant to hurt russians and inflict injury on russia's economy. The motive is to put pressure on russians in an effort to persuade them to blame Putin for all of these harsh measures brought against them. This is a common tactic that is used in many cases in the modern era.

The article starts with a spokesman's daughter having her funds locked on the exchange, this doesn't look like an attack on the Russian people but still the kremlin.

Binance want regulation on the west because that's whereost of their exchange makes its revenue and that was the goal (hence they incorporated themselves in Singapore and not Hong Kong or China).

There are crypto exchanges in Russia that allow people to trade with rubles. Therell be crypto exchanges in countries like India that won't need to follow EU/UK and US sanctions that might also remain open for Russians to use.

ultrloa

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Quote from: Similificator on April 29, 2022, 08:21:48 AM

Yes, You read that right. Binance has taken their bans against Russian people up a notch. Which is quite clever on one side and on the other, quite unfair. Imagine being on a different country miles away from Russia but having relatives there and you suddenly see that your account has just been banned from binance. That'd be pretty infuriating.

I really can't decide myself whether this action is proper or not.

For people out there though that get to read this post and may get affected by this, I advise that you start taking precautions and transfer to a different exchange.

Anyway, what do you guys think about this?

News link: https://cointelegraph.com/news/binance-blocks-crypto-accounts-of-relatives-tied-to-the-russian-government

Maybe this is counteraction to their government using cryptocurrency and they want to crumple them again for doing this actions.

We can say that Russia is really in trouble now and if more sanction will come to them maybe we can see Russia fall. Hopefully this one will not create any side effect to the whole crypto community.

Hydrogen

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These measures are meant to hurt russians and inflict injury on russia's economy. The motive is to put pressure on russians in an effort to persuade them to blame Putin for all of these harsh measures brought against them. This is a common tactic that is used in many cases in the modern era.

There is a chance that rather than divide or hurt russia. These measures could unite and solidify russian support behind Putin instead. I would be interested to know who russians hold accountable for these harsh measures. Do they blame Putin or foreign interests.

Russia has been hit with sanctions and similar measures for many years. Russians might have noticed how sanctions impact their standard of living and access to modern markets and goods, even before the invasion of ukraine. Before the conflict in crimea. Is this new for them?

NeuroticFish

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Quote from: Similificator on April 29, 2022, 08:21:48 AM

I really can't decide myself whether this action is proper or not.

In war nothing is nice, nor fair, nor "proper".
I'd guess that Binance was nicely, but also officially, asked to block this or that. It's not the first time they obey official papers and lock users' funds.
Since the moment they started working together with the authorities and regulators (and no longer run from them), this kind of actions are pretty much expected, hence I'll even call them normal, I'll even consider them somewhat late.

Similificator

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Yes, You read that right. Binance has taken their bans against Russian people up a notch. Which is quite clever on one side and on the other, quite unfair. Imagine being on a different country miles away from Russia but having relatives there and you suddenly see that your account has just been banned from binance. That'd be pretty infuriating.

I really can't decide myself whether this action is proper or not.

For people out there though that get to read this post and may get affected by this, I advise that you start taking precautions and transfer to a different exchange.

Anyway, what do you guys think about this?

News link: https://cointelegraph.com/news/binance-blocks-crypto-accounts-of-relatives-tied-to-the-russian-government

Topic: Binance blocks crypto accounts of relatives tied to the Russian government - page 3. (Read 352 times)