“We are not preemptively banning all Russians from using Coinbase. We believe everyone deserves access to basic financial services unless the law says otherwise,” Armstrong also stated.
Adding to that he mentioned that “some ordinary Russians are using crypto as a lifeline now that their currency has collapsed.”
In terms of its views, Coinbase lies right in line with Binance and Kraken, both of which have also stated that they shall not preemptively ban all Russian users, while also stating that they will most definitely comply if there is a specific sanctions requirement that arises. Of course, other exchanges have taken a different route.
Whitebit has, for instance, already told Decrypt that it has taken preemptive measures against Russian users.
Whitebit stated, “Procedures for checking for sanctions lists have been introduced, trading activities with RUB [Russian ruble] have been closed, and registration of users from the countries of the Russian Federation and the Republic of Belarus have been suspended.”