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Crypto Exchange CoinZoom Suspending New Russia-Based Accounts: Report

Existing account holders in Russia won’t be blocked although they will still be screened against sanctions lists, CoinZoom’s CEO said.

By Michael Bellusci
Updated May 11, 2023, 7:13 p.m. Published Mar 8, 2022, 8:47 p.m.
Landmarks of Moscow aerial view: Seven Sisters skyscraper, Temple of Ivan the Great
Landmarks of Moscow aerial view: Seven Sisters skyscraper, Temple of Ivan the Great

Cryptocurrency exchange CoinZoom is pausing its acceptance of applications for new accounts within Russia amid the ongoing conflict in Ukraine, Reuters reported Tuesday.

  • Salt Lake City, Utah-based CoinZoom decided to suspend new accounts because it's unclear how customers would fund them now that many major payment firms are pulling out of Russia, its CEO Todd Crosland told Reuters.
  • Existing Russian account holders won’t be blocked, though CoinZoom is screening them against sanctions lists, according to Crosland.
  • CoinZoom is a relatively small exchange, with roughly $2 million in trading volume over the last 24 hours, according to CoinMarketCap.
  • The news comes as many other larger global crypto exchanges such as Binance, Coinbase and Kraken have declined to block new or existing Russian customers despite a request to do so from the Ukrainian government.
  • CoinZoom didn’t immediately respond to CoinDesk’s request for comment.

Read more: Coinbase Touts Blacklist of 25K Russia-Linked Addresses Allegedly Tied to Illicit Activity

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