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22 Dec, 2023 05:32

Crypto pressure on Russians will increase – ex-Binance boss

US regulators are expected to crack down despite the exchange’s exit from Russia, says Vladimir Smerkis
Crypto pressure on Russians will increase – ex-Binance boss

Vladimir Smerkis, the former chief executive of Binance in the Commonwealth of Independent States (CIS), has cautioned that the United States will persist in applying sanctions pressure on Russian cryptocurrency users.

In September, Binance, the world’s leading cryptocurrency exchange, announced its decision to sell its Russia business in compliance with Western restrictions. The move came amid reports of a US Department of Justice inquiry into whether Russian customers could access the exchange, potentially violating US sanctions.

Speaking at a crypto meeting on Wednesday, Smerkis predicted that US regulators would escalate pressure to prompt other major crypto exchanges, such as OKX, ByBit, and KuCoin, to exit the Russian market.

Smerkis highlighted the inherent transparency of the entire crypto market system. He pointed out that all interactions with exchanges subject to sanctions are recorded, posing potential problems for users in the future.

To safeguard their assets, Smerkis advised Russian cryptocurrency users to store their digital currencies in crypto wallets instead of on exchanges. Additionally, he recommended using decentralized exchanges that are not subject to the jurisdiction of any specific country.

For more stories on economy & finance visit RT's business section

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