Russia will not be able to use digital assets to circumvent sanctions, as stated in an interview with CNN by the head of Binance, Changpeng Zhao. He has said:
“Governments around the world easily track crypto transactions. Digital assets are not suitable for this.”
Binance refused in early March to unilaterally freeze millions of user accounts from Russia . Then the CEO of the platform announced his readiness to do this with respect to the accounts of those clients who were on the sanctions list.
Changpeng Zhao specified he was against politicians and dictators who unleash wars, but this should not affect citizens. He emphasized the decision made does not mean that the exchange supports Russia’s actions against Ukraine. He explained:
“We are not against the people. There are many people on both sides of Ukraine and Russia who are suffering. We want to help these people.”
Experts believe Russia will not be able to circumvent sanctions with the help of crypto assets because for the scale of both the economy itself and the restrictions imposed.
