With Russia’s war on Ukraine, many countries, especially the USA, put many sanctions on some people and institutions in Russia on their agenda. In this context, there has been a lot of talk and discussion about the need to freeze the accounts of Russian users in order to prevent crypto currency exchanges from avoiding sanctions through the use of crypto assets. Brian Armstrong, CEO of Coinbase, a US-based cryptocurrency exchange, also made a statement on the subject.
Statement from the CEO of Coinbase
Brian Armstrong, CEO of Coinbase, made a statement regarding the ongoing controversy. Armstrong, who has been posting back to back on his official Twitter account, started by stating that the risk of using cryptocurrencies is very low in order to avoid sanctions. Noting that the use of cryptocurrencies is traceable, Armstrong argued that individuals or institutions that want to avoid sanctions are more likely to use cash or gold.
However, Armstrong added that if the US government imposes any ban, they must of course comply with the law.
Biran Armstrong: Of course we will obey the law
In addition, Coinbase CEO Biran Armstrong wrote that Russian users can continue to use the exchange, as there are no official sanctions on behalf of crypto money exchanges at the moment. However, Armstrong stated that every regulated financial firm has to comply with the law, just like every company in the USA, and stated that they, as Coinbase, will of course comply with the law if a legal regulation is brought on the subject.