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FTX Founder Disagrees That The Crypto Industry Is Giving Russia A Safe Pass


Founder and Chief Executive Officer of FTX, Sam Bankman-Fried, says he is frustrated with the notion that the crypto industry is giving Russia a safe pass amidst the series of sanctions imposed on the country.

Following Russia’s invasion of Ukraine, cryptocurrencies have been used in several instances, especially as donations to aid Ukraine in its defense of its territory. But there are speculations that Russian oligarchs are using cryptocurrencies to bypass sanctions. Sam Bankman-Fried is among those within the crypto industry that vehemently deny the claims.

He said the cryptocurrency industry is inappropriately being perceived as a means by which Russians get along easily without the impact of the fine.

The war in Ukraine has entered its fourth week, but countless countries across the world have refused to get directly involved to avoid another world war.

He Says Russians Cannot Use Crypto Assets In Such A Manner

However, several countries and international organizations have imposed sanctions on Russia’s financial infrastructure as a way of making the country cease-fire. But some regulators are speculating that Russia and its oligarchs are increasingly deploying cryptocurrencies to avoid sanctions.

This has aggravated not only Sam Bankman-Fried but Chief Executive Officers of Ripple and Coinbase as well. In a recent address to the issues, both executives stated that Russian oligarchs cannot use cryptocurrencies in such a manner.

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“I’m very frustrated with the messaging that our industry has had on this,” Sam Bankman-Fried said. He added that the whole situation is anti-regulatory and is caused by a very big perception issue, he commented in response to some exchange’s decision not to ban customers from Russia.

Most Crypto Exchanges Have Blocked Access For Russian Entities

Earlier, crypto exchanges like Kraken, FTX, Binance, and Coinbase stated that banning Russian-based entities will go against crypto’s nature. However, some of them have since changed their stance and followed other platforms to block access to Russian-based customers.

This came after regulators introduced a bill that prevents financial entities from doing business with Russian customers and Russian financial institutions. Following the directive, Coinbase blocked over 25,000 accounts from Sanctioned Russians.

However, non-sanctioned Russians have been allowed to trade on FTX, but the exchange is still deliberating with regulators about its operations.

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