Cryptocurrency exchanges will face public backlash if they continue to operate in Russia, Alex Bornyakov, Ukraine deputy minister of digital transformation, said in an interview with Reuters on Tuesday, reiterating his call for a blanket ban on Russian crypto traders.

See related article: Coinbase blocks 25,000 Russian crypto wallet addresses

Fast facts

  • “Private business decides for themselves where they stand, which values they support and how it’s going to benefit them,” Bornyakov said.
  • The Ministry of Digital Transformation previously asked exchanges to cease operations in Russia in February following Russia’s invasion of Ukraine, citing crypto as a possible avenue for circumventing sanctions imposed on the country.
  • Major crypto exchanges, such as Kraken and Binance, remain reluctant to block ordinary Russian users without direct legal requirements.
  • Nasdaq-listed Coinbase announced that it had blocked 25,000 wallet addresses it believed to be associated with Russian individuals and entities engaged in illicit activities but did not block individual Russian users.

See related article: Binance may join sanctions imposed on Russian targets