Binance is refusing to block Russian customer's crypto wallets. - page 5.

jaberwock

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Quote from: jossiel on March 01, 2022, 05:44:14 PM

Binance donates to Ukraine and refuses to block Russian customers on their exchanges, I think that's the gesture of neutrality.

With that decision they've made, it's already a big help to them since they've been placed with too many sanctions that's already affecting their economy.

It's not the citizens and customers that they're against with but the action of their government towards making the conflict.

yeah, i think so too. I think Binance is trying to be neutral and not side with anyone. proof that they donated, and did not block Russia is proof of that.
well, however, I think that if Binance did that, crypto users from Russia would also choose other places to exchange and Binance might lose quite a bit of users. I think this is the right move from Binance.

If Russians are blocked in binance, they cant trade there anymore and they need to find another exchange where they are allowed. This does not influence users from other countries and what will they get when they follow it? if there is the one that they will support right now, that will only be Ukraine because they are the ones that are heavily damaged.

It's not going to be a big loss if binance blocked Russian users because they have a million users around the world but binance didn't do it not because they are afraid to lose a small percent of their income but because they are showing how neutral they are. Don't worry binance, good things are soon going to happen with you as lots are impressed by this move you have done.

DanWalker

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Quote from: OcTradism on March 02, 2022, 03:27:10 AM

By the way, I feel like Binance do this because they don't have branch in Russia. I could be wrong about it and still curious to figure it out.

The ukraine government is not only asking for binance but they are also asking for the same for coinbase, kraken, kucoin. But all refused. This is clearly the right decision. The nature of crypto is freedom, if exchanges unilaterally lock user accounts, it will go against the principles of crypto of decentralization and financial freedom.

willoweb

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I don’t understand at all how it is possible, because of the actions of the leadership of the country or the government, to punish the population in such "draconian" ways. What will be the effect? What do they expect even just to propose such measures? Do they really think that people who lose their cryptocurrencies will go to the streets of their cities to demand something? This is naive and very dangerous. In addition, it will lead to an outflow of a huge number of customers.

Luzin

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Quote from: rdbase on March 02, 2022, 06:54:33 AM

Doing so just might backfire on them so they rather not do anything.

How could Binance ban account owners with the russian state, it would hurt them. Russia is even the country with the largest crypto mine. So I think their deals are also big and maybe Binance is benefiting from that. In addition, Russia which gets financial transaction penalties from various countries has a chance of them using Bitcoin as a transaction tool and it certainly supports the development of Bitcoin and other crypto. While other issues, of course, Binance does not want to court exchange with a double standard that distinguishes the rights of its members. That's a good thing for Binance's credibility.

marilynmanson21

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I think Binance's actions are very good, where he is neutral without blocking Russian citizens from using his trade, because as we know there are Russian citizens who reject war

LogitechMouse

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Quote from: QuickAccount on March 01, 2022, 04:55:05 PM

Source: https://www.cnbc.com/2022/02/28/binance-will-not-block-russian-accounts-after-ukraine-request.html

Binance is refusing to lock account belonging to Russian customer's, what is your take on this? I believe that this might be a better move due to Russian Citizens that don't desire war still being able to move their Roubles to crypto for safe storage.

Russian people doesn't want war and we know that already because we've seen some Russian people protesting with what is happening.
Its only Putin that wants this war but not his countrymen so why block those people who wants to use crypto.

Correct me but it would be better because with Russia being banned to use swift to transfer money, they will find another way and that another way is crypto. Its a good move by Binance not blocking these people and what is happening will favor to them as they will get more profit from it.

DapanasFruit

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Yes, this is a very rationale move by Binance as it is not the fault of ordinary Russians that their leader made the war against Ukraine. I am sure that there are many Russians that never welcome this war but under a dictator they are just afraid to have their voice heard. And with falling national currency, Russians should not be cut-off from cryptocurrency as this the time that they really need it most. This is one of the many things that we admire with Binance which is doing the right thing without being told to do so.

kryptqnick

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Quote from: QuickAccount on March 01, 2022, 04:55:05 PM

Source: https://www.cnbc.com/2022/02/28/binance-will-not-block-russian-accounts-after-ukraine-request.html

Binance is refusing to lock account belonging to Russian customer's, what is your take on this? I believe that this might be a better move due to Russian Citizens that don't desire war still being able to move their Roubles to crypto for safe storage.

Russians who don't desire the war should either leave their country, denounce it and never come back, or do everything they can to help stop the war: spread information, protest, strike, block military bases etc. After donating money to Ukraine and opening a charity fund dedicated to helping Ukrainians, it's disappointing that they're not willing to do more, impose their own 'sanctions' over Russians. But I do agree that making it about literally all Russians (banning access based on citizenship) is a bit too harsh because it can affect even those who do protest against the war and do gather funds to help Ukraine. So a smarter solution is needed for this situation, but limiting Russia's capabilities is also important.

rdbase

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Quote from: OgNasty on March 01, 2022, 05:27:17 PM

I think it shows that Binance is committed to provide good service to it’s customers despite political pressure or government dealings. I expect this will rub some the wrong way and they will stop using the service, but personally I would be more concerned if I was a customer and they were just freezing assets of their customers for any reason they’re told. This is why DeFi is so important and I hope the Bitcoin community gets access to some good DeFi options someday soon, because it is clear that the exchanges will be the point of failure for Bitcoin going forward.

Same thing happened to Kraken a few weeks ago when an outside countries government demanded them to stop transfers and ban certain users accounts from transacting, and look how that turned out.
It seems the actioning party is painting all russian users with the same brush.
Doing so just might backfire on them so they rather not do anything.

bluebit25

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Better serve by focusing on the needs of individuals rather than the needs of any government or political faction.That's the point of Jesse Powell. Everyone has their own right, but I'm not sure which one is really relevant when individuals also influence. Obviously, we all don't want war, and the way they punish each other, we don't either.

Slow death

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I don't even know where their headquarters are, I don't know why they ask people to KYC if they're not even based in any country, that's why they're going to adopt this kind of attitude, because for them the laws of each country don't work and I ask myself again why do they ask for KYC? who are they accountable to? their stance is typical of a place that has no headquarters, if they were located in a country where they are against russia they would have to adopt a tough stance against russia, but they are not thirsty, and knowing that the owner is chinese of course would have to be neutral

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Quote from: KaliLinux on March 02, 2022, 05:22:35 AM

Quote from: QuickAccount on March 01, 2022, 04:55:05 PM

Source: https://www.cnbc.com/2022/02/28/binance-will-not-block-russian-accounts-after-ukraine-request.html

Binance is refusing to lock account belonging to Russian customer's, what is your take on this? I believe that this might be a better move due to Russian Citizens that don't desire war still being able to move their Roubles to crypto for safe storage.

I think this is another great move by Binance because even though we understand that the exchange in question is centralized but the crypto ecosystem ought to be decentralized and if Binance had gone ahead to comply with that it would bring a whole new disadvantage to the system even though I also read in one of the Treadview news days ago, unfortunately, I can't locate that link about this and Kraken exchange too also rejected this blockage because most of the owners ain't relly the Government people.

They need to stay nuetral at all times regarding on some issues happening around the world since in the first place crypto is not regulated yet majority of the country so they need to be careful on decision making since one wrong move by imposing sanction will back fire on them especially the said country is a powerful one and can able to do what they think good for them.

KaliLinux

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Quote from: QuickAccount on March 01, 2022, 04:55:05 PM

Source: https://www.cnbc.com/2022/02/28/binance-will-not-block-russian-accounts-after-ukraine-request.html

Binance is refusing to lock account belonging to Russian customer's, what is your take on this? I believe that this might be a better move due to Russian Citizens that don't desire war still being able to move their Roubles to crypto for safe storage.

I think this is another great move by Binance because even though we understand that the exchange in question is centralized but the crypto ecosystem ought to be decentralized and if Binance had gone ahead to comply with that it would bring a whole new disadvantage to the system even though I also read in one of the Treadview news days ago, unfortunately, I can't locate that link about this and Kraken exchange too also rejected this blockage because most of the owners ain't relly the Government people.

Reatim

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Quote from: QuickAccount on March 01, 2022, 04:55:05 PM

Source: https://www.cnbc.com/2022/02/28/binance-will-not-block-russian-accounts-after-ukraine-request.html

Binance is refusing to lock account belonging to Russian customer's, what is your take on this? I believe that this might be a better move due to Russian Citizens that don't desire war still being able to move their Roubles to crypto for safe storage.

Why would binance need to lock an account?

because the account is Russian? or from Russia?

it is not ethical to do such though there are many countries condemning what Russian government is doing now , the crypto users also have their rights towards their fund and where to store this,

A good act from binance and supporting this good deeds .

TheBeardedBaby

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Bitcoin is freedom and it should be for everyone.
Bitcoin should not be a political tool.

There are a bit more of a handful of oligarchs for sure, but there are many millions of other Russian people who don't want the war but they gonna suffer the consequences anyway. Those people should have an alternative to loose everything because of the tyranny they live with.

ultrloa

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Quote from: QuickAccount on March 01, 2022, 04:55:05 PM

Source: https://www.cnbc.com/2022/02/28/binance-will-not-block-russian-accounts-after-ukraine-request.html

Binance is refusing to lock account belonging to Russian customer's, what is your take on this? I believe that this might be a better move due to Russian Citizens that don't desire war still being able to move their Roubles to crypto for safe storage.

Manny Russian doesn't support on what Putin do so I generalizing this is totally unfair to the Russian costumer and its freedom because they are not the one who impose or initiate this war their government is tha main culprit of this incident so I guess binance is doing fine for that matters. Being nuetral for this event is good and might Binance will be at risk to get banned in Russia if things will get back to normal.

im posible

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Quote from: QuickAccount on March 01, 2022, 04:55:05 PM

Binance is refusing to lock account belonging to Russian customer's, what is your take on this?

Binance is very wise in acting, if binance favors one party then the freedom of crypto will be in question. It should be like this, political issues are not the realm of crypto even though politics has an effect on crypto fluctuations.

OcTradism

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Quote from: QuickAccount on March 01, 2022, 04:55:05 PM

Binance is refusing to lock account belonging to Russian customer's, what is your take on this? I believe that this might be a better move due to Russian Citizens that don't desire war still being able to move their Roubles to crypto for safe storage.

Good action from Binance to protect their customers from Russia. It is good for cryptocurrency market too because be our own banks is what people look for with cryptocurrency. I know when you have account on Binance, you don't have a non-custodial wallet that means you don't have your own bank but at least, some sort of better than fiat currency and central banks.

By the way, I feel like Binance do this because they don't have branch in Russia. I could be wrong about it and still curious to figure it out.

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Quote from: QuickAccount on March 01, 2022, 04:55:05 PM

Binance is refusing to lock account belonging to Russian customer's, what is your take on this? I believe that this might be a better move due to Russian Citizens that don't desire war still being able to move their Roubles to crypto for safe storage.

I would be wary on this. This stance can easily change. Keeping unnecessarily money at centralized exchanges is always a risk (not your keys, not your coins).
If I would be Russian I would withdraw my Bitcoins (or at least most of them) to a safely generated local wallet, just in case, especially after the precedent of what has happened with Binance's Nigerian customers.

PS. Weren't 50% of Russians agreeing to the war?

Retainly_Collie

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Politics is interfering with everything in our current lives, which is also seen as a concrete example of decentralization. According to an article I just read, many Ukrainians are struggling to find ways to get cash during this time. And the removal of regional accounts to avoid a sell-off of Russian shark whales is not particularly news.

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