Coinbase Will Comply With Russia Ban If Govt Tells Them To: Report

Coinbase will comply with the ban on Russian users only if the US government tells them to do so, according to the CEO Brian Armstrong so let’s find out more today in our latest Coinbase news today.

The Coinbase CEO said Coinbase will comply with the ban on Russian users if the US government imposes such rules. The CEO noted:

“If the U.S. government decides to impose a ban, we will of course follow those laws.”

Armstrong took the opportunity to double down on the existing stance on the exchange when it comes to banning Russian users from the platform because of the invasion of Ukraine:

“We are not preemptively banning all Russians from using Coinbase. We believe everyone deserves access to basic financial services unless the law says otherwise.”

He added that some ordinary Russians are using crypto as a lifeline that their currency crashed. Coinbase’s view is in line with other exchanges like Kraken and Binance which said they will not ban all Russian users while also claiming they will comply with the specific sanctions requirements that will arise but other exchanges took a different view.

As recently reported, The Ukraine minister of Digital Transformation requested the major exchanges block Russian users but Coinbase denies Ukraine’s request to do so. Instead, Coinbase and others pointed towards compliance with international sanctions. Coinbase won’t institute a ban on coinbase transactiosn involving Russian addresses despite the request from the Ukrainian governemnt official to do so.

Coinbase said that the quarterly trading volume increased on a sequential basis as the volatility in prices drew in retail traders but warned there’s a slow down in growth in the current quarter. Coinbase’s quarterly trading volume increased while retail trading accounted for 32% of volumes and assets contributed 68% to total trade.

The mainstream popularity and the adoption of crypto benefited crypto exchanges as the business worldwide were investing to ramp up their crypto infrastructure as per the data from Reuters. However, it added that BTC’s prices weakened in the past few months as the global central banks showed an end of the pandemic-era stimulus. The tensions between Ukraine and Russia affected BTC. The crypto market saw bearish sentiments right after Russia launched military operations against Ukraine a few days ago.