Coinbase CEO Brian Armstrong: ‘Ordinary Russians Are Using Crypto As A Lifeline’

By Annie Baker ● Mar 5, 2022
  • Coinbase CEO Brian Armstrong pointed out that many Russians are turning to cryptocurrencies as a “lifeline.” These are the details.

Coinbase CEO Brian Armstrong pointed out that many Russians are turning to cryptocurrencies as a lifeline after the local Russian ruble currency crashed. So Armstrong said Coinbase will not pre-emptively ban all Russians from accessing the platform.

Armstrong doubts that there is a risk that Russian oligarchs will be using cryptocurrencies to sidestep sanctions.

“Some ordinary Russians are using crypto as a lifeline now that their currency has collapsed. Many of them likely oppose what their country is doing, and a ban would hurt them, too,” wrote Armstrong in a series of tweets:

The Russian ruble fell by over 21% this past month following sanctions from the U.S. and its allies. Russia was hit with sanctions due to President Putin’s decision to invade Ukraine.
Crypto exchange company Binance is blocking access to Russian account holders who are targeted by international sanctions. However, Binance is also not going to block all Russians from accessing its platform.