- 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:
2/ Every US company has to follow the law – it doesn't matter if your company handles dollars, crypto, gold, real estate or even non financial assets. Sanctions laws apply to all US people and businesses.
— Brian Armstrong (@brian_armstrong) March 4, 2022
4/ …belong to sanctioned individuals or entities, just like any other regulated financial services business.
— Brian Armstrong (@brian_armstrong) March 4, 2022
6/ This is not just my opinion btw — experts at the US Treasury and NSC agree. For example: https://t.co/OVEKkMTCRO
— Brian Armstrong (@brian_armstrong) March 4, 2022
8/ 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. That said, if the US government decides to impose a ban, we will of course follow those laws.
— Brian Armstrong (@brian_armstrong) March 4, 2022
9/ Sanctions are a complex issue, and the situation is changing fast, so we’ll keep working with law enforcement and governments, and will take more steps as needed. We'll also of course keep working to enable crypto services for the people of Ukraine who are in need of help.
— Brian Armstrong (@brian_armstrong) March 4, 2022
