Currency.com is temporarily closed in Russia

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2022-04-17 00:46:31

TL; DR Analysis

  • Currency.com suspends operations in Russia
  • Exchange considers violence in Ukraine a factor
  • Investments continue to meet sanctions against Russia

In recent months, there have been tensions throughout the European community regarding the invasion of Ukraine by Russian forces. Despite calls for Russia to refuse, pleas were answered with deaf ears. However, there have been numerous sanctions across the European community and the world against Russia aimed at disappointing its actions. In the latest attempt to combat their practices and growing signs of penalty evasion, Currency.com has announced the suspension of service for clients based in Russia.

Currency.com cites violence in Ukraine
Citing reasons for action at this stage, the crypto exchange mentioned continued violence against Ukraine despite calls for withdrawals. In the company’s announcement this morning, they said that from then on, their services will no longer be available to users in Russia. The company also mentioned that new users who sign up for an account will no longer enjoy that privilege.

Currency.com has its main office in Gibraltar, with other branches spread across London and Kyiv. However, the most surprising thing is that its branch office is located in Belarus after being licensed. In a statement by one of Currency.com’s top executives, the company was not involved in the violence being carried out in Ukraine. The executive mentioned that the violence has seen people displaced from their homes and others lose their lives and investments.

punitive tax investments in Russia
The company CEO also mentioned that one of the reasons Currency.com has taken this approach is the continued bloodshed in the European country. Unlike Currency.com, there has been little action against Russia regarding known crypto exchanges. This is despite calls from the crypto community at large for them to impose sanctions on the country that is making the mistake. For example, Binance refused to implement any penalties on the grounds that it would not just freeze the accounts of innocent traders.

Binance knows that if sanctions are implemented, innocent traders can be caught in the fire. Another exchange is Kraken, where the CEO has reduced the possibility of sanction as directed by the authorities. However, there are already paid investments or suspension of their services in Russia for the time being.

For example, card payments company Mastercard announced back in February that domestic operations would be halted for the time being. Likewise, cryptocurrency exchanges have been very helpful in assisting Ukraine in its quest to gather enough funds to fend off its enemies. Currently, the country has raised about $60 million through various exchanges.



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