Topic: Russia - Ukraine war - Exchanges needed for sanctioning (Read 284 times)

War is never a solution - and especially when it's other war. It's better minding your own business
The only good move is to keep working and focus on your task.
Because - we are the puppet in the hands of other so we do whatever other says.
Rest - work hard and be honest.

Nah, nothing will happen. Bittrex scammed a couple of thousands of users and stole their money overnight and nothing happened. Exchanges are looking for an excuse to rob their users to cover their expenses and make some quick profit.

It is only fine as long as they do it against all of them from all countries that have committed such crimes as Russia. But that means they would have to shut down considering a large portion of their volume comes from countries that have been committing worse atrocities for the past 300 years compared to Russia.

Targeting ordinary people is unheard of and will have serious repercussions. If the Westerners do that, then what will prevent the Russians from seizing Western civilians from cruise ships or tourist destinations and then keeping them as prisoner? I just hope that these lunatic ideas are never implemented. Ukrainians have lost their mental balance after getting whacked by Russia and that is why they are coming up with stupid suggestions such as this one. Targeting oligarchs and politicians is fine. And that is where the line needs to be drawn.

Unfortunately there are laws regarding what happens with that kind of money. Many assets of the Russian oligarchs have been seized and they are all sent to certain government places to be kept there, like a hostage. This means if Russia stops war and gives the lands back, then European countries will pay the oligarchs their assets and money back, or at least money because some of the assets are gone already.

Same goes with this, you could seize the cryptos of Russians and then name by name give it to government how much and owned by whom. In that regard if the war is over, it could be sent back or credited back. That's the important key factor to make sure Russia has incentive to stop.

Seems like these exchanges just need an excuse to confiscate funds and keep it to themselves.

Unless they are going to send all the confiscated cryptos to Ukraine's donation address then I am against it(whether it's targeted or not). It won't be less than a scam if they choose not to donate it.

If they are going to donate 100% of the confiscated cryptos then target only oligarchs, politicians and their relatives/friends.

LOL.. this is just nuts. The Ukrainians are proposing to steal ordinary Russians of their wealth. Fortunately, by now I hope that most of the Russian citizens might have moved their funds to cold storage or towards local Russian exchanges. None of this would help them in the battle field. Despite the superior weaponry supplied by the NATO, Ukraine continues to lose more and more territory (not just in the Donbass, but also in Mykolayiv and Kharkov as well). And Russians are laughing their way to the bank, thanks to sky high prices for oil and gas.

Honestly there is a good chance that this exchange situation would hurt regular people more than it hurts rich people. Because, most of the money in exchanges are already people who are just regular citizens, from both sides.

This means that super wealthy people wouldn't buy tens of millions of dollars worth of bitcoin and just keep it on an exchange, they would literally let it be something super important like wallets and then cold storage and so forth, not even a simple ledger nano situation. So, this would hurt just regular Russians. Whatever happened already and I do not think that anything new would come out of this.

On the other point of view this could being catastrophic effect on the exchangers. The problem is exchangers can’t really work under the pressure of regulations. If they impose too much which becomes tedious work to maintain the records of every users then that’s extra burden on the shoulders of exchanges and it also becomes hard for the users to maintain their accounts. Many of them wanting to have privacy of their coins but this could become hard with such revaluations.

Now we have to work on our side just because of the politicians game that’s under way.

Sanctions against the country of a global terrorist, undermining the foundations of the civilized world and inciting a war against universal values, must be extremely broad and comprehensive! It is impossible to fight a "cancer on a global scale" with undermeasures, or partial measures, the terrorist regime must be destroyed by all available methods, otherwise we ALL will face a situation much worse than in the last century in the form of the Second World War, and today's world problems will seem small to you inconvenience...

What is really necessary is fair trial over war criminals. It's vital. So what can be done here is to initiate NFT - Non Fungible Trial. So that every evidence and witness is duly collected and stored as much as required for it. And every single Internet user could see what was committed over his sign in process. Instead of counting buses and identifying street lights they could count corpses and assessing amount of years of condemnation those criminals would spend throughout eternity. Of course it's Utopia. But I'm serious about Trials over blockchain technology. If it works for voting what should stop it to be used over Internet for actual Court with Judges? It could be discussed all over the world! Spread the word!

Now, of course I oppose Putin's "fuckery" of an operation that is his invasion of Ukraine.

But this move is not going to help anyone, or even Ukraine. It's not even going to stop a single enemy artillery salvo. So, I do not want this proposal to be implemented by exchanges.

It reminds me of Mutually Assured Destruction (MAD) in the Cold War era.

Is there any evidence that sanctions list is acting in a way is was mentioned? Let me jump over the own head once and perform a Devils Advocate mask for a moment. Does anyone really believe that banning out Russian users never mind  their status in above mentioned sanctions list has anything to do with their political actors? Like in North Korea for example? Or Iran? Come on...!
There's a lot of historical parallels when castles doors were open from the inside. In a rare cases this was done for sake of ideology. Mostly financial reasons...
Just the other day one of my friends from Russia has tried to use his blockchain.com exchange accounts from inside the Russia only. Got banned from his KYC affirmed account... He went through the VPN service to continue the intended transfer and succeeded anyway. Of course some third party was involved here. What's the use then? What a morale could be carried out from this? If the crypto is loosing it's point as anonymous decentralized assets instrument could someone rely on it?  To condemn the disastrous atrocities happening right now one should make a matter of conscience. Not force. There's no smoke with no fire. Fire burns everyone. Not only the party it was intended to harm. Fight fire with fire doesn't work in such case. God save both Ukraine and Russia! Though I can see no way out of this horror in close future...

The sanctions they will impose are Russian users who may be certain to lose a giant number of subscribers. As long as there is no pressure from regulation which is the biggest operational threat, I think the exchanges will continue to serve Russian customers if the potential business profits are still in their favor. And one thing that is important is that the stock exchange only has business interests that will not mix with the political situation.

On the one hand, it is obvious that good or bad people cannot be filtered individually and that CEX will try to resist any demand to ban Russian accounts - not because they want to take a side in the war, but because they do not want to lose profits, and that is the most important thing to them. Yet if we look at the situation from the angle of Ukrainians fighting for their country and for their lives, and all those who could be next in line to be occupied - then Russia should be isolated to the extent that ordinary people rebel and overthrow the current government.

If the majority of Russians support the current government (and I do not see millions on the streets), then that good minority unfortunately has to pay the price of the bad majority. As things stand now big CEX have two choices, join the sanctions or wait for someone to accuse them for providing support to Russia regime. If you exclude someone from SWIFT, then it is logical to disable them from using any crypto exchanges that would help them avoid sanctions.

As per Reuters both Coinbase and Binance re-iterated today they wont ban Russian accounts.

"March 4 (Reuters) - Cryptocurrency exchanges Coinbase Global Inc and Binance reiterated on Friday they have no plans to preemptively ban all Russians from using their platforms."  Source

Since these exchanges do KYC they might decide to target individual accounts of people on the sanctioned list. For the rest they may look into large transactions or unusual activity to identify circumvention attempts.

Exchanges are playing a dangerous game if they refuse to go along with the sanctions that almost every other industry has enacted in the last few days. We are in unprecedented times and it feels like the recent announcement by binance that they will do nothing could backfire greatly against them. There are certain measures that could and may be taken which could really damage them. They also said they want to list like coinbase soon which could be taken off the cards if they continue acting with arrogance.

That's right, is it possible that the nature of decentralization has now become the government's control to hit everything that originally wasn't too related. So Russia does receive sanctions, but linking all sectors even to the point that cryptocurrencies are toyed with for political gain would be very unethical. Because this is the first time cryptocurrency has become a tool to kill and bring down opponents of certain countries for the sake of interest.

I prefer crypto not to be carried around, and focusing on ensuring the safety of Ukrainian citizens should be a top priority. Sanctions other than cryptocurrencies please, but for Bitcoin and cryptocurrencies must be out of certain political affairs.

Some exchanges may not have a choice in the matter.  If the nation any particular exchange is based in decides that sanctions must apply, then an exchange may have to abide by that.  Binance, for example, say they're based in the Caymans, so if the Cayman Islands ever decide to enforce sanctions, Binance could be forced to comply with that.

Plus, if Russians aren't able to make fiat deposits or withdrawals as their bank have been barred from SWIFT, it won't matter as much what actions the exchanges do or don't take anyway.

I do not expect to see the cryptocurrency exchanges suspend the Russian accounts and support the sanctioning Russia because due to the economic sanctions from other countries Russian should use the cryptocurrencies and bitcoin instead of fiat money and increasing the usage of cryptocurrencies from Russians can make the exchanges richer because of increase of the trades they do and the fee the exchanges get, so changes will still doing their job for their own benefits, in the other hand if they suspend all the Russian accounts, Russians can use decentralized changes.

Also in the OP that many Ukrainian exchanges increased in trading volume, but bestchange is not an exchange, it is an exchange aggregator which is well known.

Bitcoin is decentralized, altcoins too are decentralized, but they are only decentralized when you are making use of noncustododial wallet and decentralized exchanges. Once you begin to use centralized exchanges and wallets, then you have no full control.