{"id":230006,"date":"2022-04-05T23:30:19","date_gmt":"2022-04-05T22:30:19","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=230006"},"modified":"2022-04-05T20:10:58","modified_gmt":"2022-04-05T19:10:58","slug":"binance-ceo-says-russia-cannot-use-crypto-to-evade-sanctions","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/binance-ceo-says-russia-cannot-use-crypto-to-evade-sanctions\/","title":{"rendered":"Binance CEO says Russia cannot use crypto to evade sanctions"},"content":{"rendered":"<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Binance CEO Changpeng Zhao, commonly referred to as CZ, believes Russia cannot use cryptocurrencies to circumvent western sanctions. He said this during a recent <\/span><a href=\"https:\/\/edition.cnn.com\/videos\/business\/2022\/04\/04\/binance-ceo-zhao-crypto-sanctions-russian-assets-qmb-vpx.cnnbusiness\/video\/playlists\/intl-business\/\"><span style=\"font-weight: 400;\">interview<\/span><\/a><span style=\"font-weight: 400;\"> with Richard Quest, the host of CNN\u2019s Quest Means Business. According to him, crypto is too traceable, a trait that makes it unsuitable for dodging sanctions.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Zhao pointed out that governments across the globe are increasingly getting better at tracing crypto transactions. To this end, he believes an intelligent person would not try to use crypto for such purposes.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Nonetheless, he said Binance observes the sanction rules closely and will block anyone on the sanction list. CZ added that Binance would also block the accounts of anyone that is remotely related to the people on the sanction list.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">However, he asserted that Binance <\/span><a href=\"https:\/\/cryptoslate.com\/binance-boss-cz-sticks-up-for-everyday-russians-saying-a-blanket-ban-is-unethical\/\"><span style=\"font-weight: 400;\">considers<\/span><\/a><span style=\"font-weight: 400;\"> freezing assets of normal Russian users illegal. As such, the exchange will stand by its decision not to ban all Russians. To show the organization\u2019s willingness to adhere to rules, CZ said it is up to the governments to decide whose assets Binance should freeze or unfreeze.<\/span><\/p>\n<h2 style=\"text-align: left;\"><b>Standing up against the war, not the people<\/b><\/h2>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Unlike many organizations unwilling to take a stand on whether Russia was wrong for invading Ukraine, CZ said Binance is against the war and the politicians that started it.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">He reiterated that Binance is not against the people because the war has impacted both Ukrainians and Russians. According to him, Binance seeks to help these people overcome their difficulties.\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Touting the firm\u2019s efforts of helping those in need, he pointed out that Binance was among the first companies to pledge $10 million to aid Ukrainian refugees. CZ added that Binance has already given out most of this amount.<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">This news comes after Coinbase CEO Brian Armstrong said the exchange would not preemptively ban all Russian users. In a March 4 <\/span><a href=\"https:\/\/twitter.com\/brian_armstrong\/status\/1499621509651787782\"><span style=\"font-weight: 400;\">tweetstorm<\/span><\/a><span style=\"font-weight: 400;\">, Armstrong said Coinbase believes everyone deserves access to financial services unless the law says otherwise.\u00a0<\/span><\/p>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">He added that,<\/span><\/p>\n<blockquote>\n<p style=\"text-align: left;\"><span style=\"font-weight: 400;\">Some ordinary Russians are using crypto as a lifeline now that their currency has collapsed. Many of them likely oppose what their country is doing, and a ban would hurt them, too. That said, if the US government decides to impose a ban, we will of course follow those laws.<\/span><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Binance CEO Changpeng Zhao, commonly referred to as CZ, believes Russia cannot use cryptocurrencies to circumvent western sanctions. He said this during a recent interview with Richard Quest, the host of CNN\u2019s Quest Means Business. According to him, crypto is too traceable, a trait that makes it unsuitable for dodging sanctions. Zhao pointed out that [&hellip;]<\/p>\n","protected":false},"author":1296,"featured_media":230052,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39,10085,11],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance CEO says Russia cannot use crypto to evade sanctions<\/title>\n<meta name=\"description\" content=\"Changpeng Zhao claims Binance adheres to the sanction rules but considers banning freezing the assets of all Russian users illegal.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/binance-ceo-says-russia-cannot-use-crypto-to-evade-sanctions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance CEO says Russia cannot use crypto to evade sanctions\" \/>\n<meta property=\"og:description\" content=\"Changpeng Zhao claims Binance adheres to the sanction rules but considers banning freezing the assets of all Russian users illegal.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/binance-ceo-says-russia-cannot-use-crypto-to-evade-sanctions\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-04-05T22:30:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-04-05T19:10:58+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/04\/cz-russia-sanction.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jinia Shawdagor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jinia Shawdagor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/binance-ceo-says-russia-cannot-use-crypto-to-evade-sanctions\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/binance-ceo-says-russia-cannot-use-crypto-to-evade-sanctions\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jinia-shawdagor\/#person\",\"name\":\"Jinia Shawdagor\",\"url\":\"https:\/\/cryptoslate.com\/author\/jinia-shawdagor\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/jinia-shawdagor\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/jinia-shawdagor\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/jinia-shawdagor-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/jinia-shawdagor-author-300x300.jpg\",\"caption\":\"Jinia Shawdagor\"},\"jobTitle\":\"Journalist\",\"description\":\"Jinia is a fintech writer based in Stockholm, Sweden. 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