Binance Puts Restrictions on Cards From Russian Banks
The stance taken by crypto projects earned greater importance in the war between Russia and Ukraine. Ever since the war was declared, the mobility of cryptocurrencies increased by a greater degree in the two countries currently engaged in the fight. The reports have shown that Bitcoin’s trading volumes have reached record heights in the last eight days. Moreover, there was also significant movement in stable coins like USDC. However, the role of cryptocurrencies in this war has been described as an “apolitical and trustless financial system”.
The popular crypto exchange Binance coin has recently taken a pro-Ukraine stance in the ongoing conflict. Although many other projects have already sworn their solidarity with Ukraine, none has been as assertive as Binance’s decision. The exchange platform has decided to put restrictions on all cards from Russian sanctioned banks on the platform. According to popular Binance reviews, Binance is the best option if you’re an experienced global trader who’s eager to explore different tokens and trade options. Binance’s support for Ukraine could also improve its token’s price in the market.
Binance’s decision adheres to western policies to cripple the economy of Russia. Such moves are being made by companies in order to weaken Russia’s financial stability to support the war. Now, as large exchange platforms voluntarily sanction Russian-based businesses and trading, Russia could be forced to reconsider their options, thus bringing an end to this war. Earlier this week, a Russian-owned cruise ship was confiscated in Germany following this policy. On top of that, the football club Chelsea is also getting ready to be sold to change the current Russian ownership.
Financial experts believe that the continuing operations of cryptocurrencies in Russia are dwindling the efforts of the western alliance to “isolate Moscow”. They also added that these platforms could not keep an apolitical outlook on a situation where hundreds of people are killed every day despite true decentralization being their goal. This is why popular crypto exchanges like Binance are taking an overt pro-Ukraine stance following the western policies of the West against Russia.
Cryptocurrencies, however, have been integral for Ukraine in the last eight days to gather support from around the globe. As per the last report, the cryptocurrency donations accumulated through BTC and USDC have exceeded $13 million. Aside from that, VET, EGC and NEAR have allocated significant sums towards helping the people of Ukraine, provided the Ukrainian government creates a wallet address for each of them. Crypto.com also announced donating $1.5 million to the Red Cross towards providing medical assistance, food and shelter for Ukrainian people. Now, the humanitarian perspectives from these platforms are aligning with the west to become pro-Ukraine stance.
