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The CEO of the popular crypto exchange Binance, Changpeng Zhao, believes that cryptocurrencies should not be considered as a tool to circumvent sanctions. The head of the trading platform shared his opinion in an interview for CNN
Against the background of the escalation of the conflict between the Russian Federation and Ukraine, the Russians faced sanctions pressure. In particular, restrictions on Russian citizens have been introduced by many crypto platforms, including Binance. Users from the sanctions lists have lost access to the crypto exchange.
Many Russians, faced with sanctions, turned their attention to cryptocurrencies. Digital assets turned out to be one of the few tools with which citizens of the Russian Federation can freely conduct transactions in the financial market.
US regulators, in turn, drew attention to the fact that they can hold accountable crypto-exchanges and other representatives of the crypto-industry who help Russians bypass sanctions.
CEOнение CEO Binance
Changpeng Zhao believes that cryptocurrency should not be considered as an effective tool to reduce sanctions pressure. The CEO of Binance explained his point of view by the fact that there are already services on the market that will allow, if necessary, to track episodes of using coins to circumvent restrictions.
“I think that using cryptocurrency to circumvent sanctions is nonsense. If you look at [рыночные] data, you will see that smart people don’t do that. Cryptocurrencies are too easy to trace, ”said the head of Binance, recalling the recent capture of criminals in whose hands were stolen assets of the Bitfinex crypto exchange.
Changpeng Zhao also drew attention to the fact that his decision to abandon the complete withdrawal from the Russian market does not mean that the company he leads supports the actions of the Russian authorities in the context of the country’s conflict with Ukraine.
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