Coinbase CEO Brian Armstrong says the exchange won’t ban all Russian cryptocurrency users. However, there’s a catch. Armstrong recently tweeted that Coinbase currently won’t impose any sanctions unless a law requires it.
Crypto Regulations Can Change In A Moment
Even though Armstrong believes that everyone deserves the right to manage their finances on his platform, he also noted that crypto regulations could change quickly. Unfortunately, Coinbase has to follow the current laws, and if the law requires it, Coinbase will have to impose sanctions on Russian users.
On the other hand, Armstrong is aware that many Russians are using the platform and crypto as a lifeline now that the Russian Ruble has collapsed. What’s more, many Russians are likely against what their president is doing, yet a cryptocurrency ban would hurt them.
Armstrong added that sanctions are a complex issue. What’s even worse is that the situation is changing fast. Therefore, the crypto exchange needs to work with the government and law enforcement to remain compliant.
That being said, if the US decides to impose crypto-related sanctions, Coinbase will have to follow.
Still, the CEO believes there are slim chances that Russian oligarchs are using cryptocurrency or Coinbase to bypass economic sanctions. As Armstrong said, cryptocurrency is an open ledger, and trying to move a large sum of money would be noticeable and traceable.