Bitcoin News and Finance
Crypto Exchange Bybit Does Not Plan to Sanction Russian Users Despite MAS Call, Report Skip to main content

Crypto Exchange Bybit Does Not Plan to Sanction Russian Users Despite MAS Call, Report

Crypto Exchange Bybit Does Not Plan to Sanction Russian Users Despite MAS Call, Report

Cryptocurrency exchange Bybit has no intention to introduce restrictions for Russian traders, despite a recent reminder by the Monetary Authority of Singapore (MAS) about the obligations of crypto providers in that respect. According to a crypto media report, the platform shared its position in correspondence with partners.

Bybit Reportedly Vows to ‘Not Discriminate Against Crypto Users Based on Location and Passport’

Singapore-based crypto exchange Bybit will not restrict users from the Russian Federation, despite the city-state’s central bank reiterating this week that licensed coin trading platforms must comply with sanctions imposed over Moscow’s ongoing invasion of Ukraine.

In response to numerous queries and publications alleging that Bybit will not be available in Russia due to the measures introduced by Singapore, the exchange pointed out that it is headquartered and registered in Dubai and emphasized:

We have stated several times that we do not discriminate against crypto users based on their location and passport.

Restrictions may affect only clients in jurisdictions that do not allow futures trading without license, as is the case with the United States, Singapore, and China among others, Bybit said. It made the comments in a message to partners shared by a source with the Getblock Magazine and quoted by other Russian-language crypto news outlets.

According to the report, Bybit further insisted that its team is doing everything possible to provide all users with equal access to its platform and is working to ensure their funds are safe and they have the best trading experience.

On Monday, the MAS also said that pro-Russian groups have been using digital asset exchanges to raise millions of dollars in crypto donations to support Russia’s military effort in Ukraine, citing studies conducted by blockchain forensics firms Chainalysis and TRM Labs.

Established in 2018, Bybit currently offers almost 200 currency pairs, has a daily trading volume exceeding $900 million and over 1.6 million users, the report notes. The platform is not the only global exchange that has had to address the Russia sanctions topic.

Crypto Platforms Defining Their Stance on Russia Sanctions

In October, the world’s largest coin trading platform, Binance, pointed to the lack of clarity regarding compliance with the EU restrictions. After previously banning only “high-value” crypto-asset services for Russian residents and companies, the Union’s eighth sanctions package prohibited European companies from providing all crypto wallet, account, or custody services to Russians.

During a press conference in Lisbon this week, Binance CEO Changpeng Zhao described the situation around the European sanctions as “tricky.” Replying to a question by Coindesk asking if the exchange would follow the decisions of other crypto companies and restrict Russian accounts, CZ admitted he did not have a definitive answer. He also noted that Binance is licensed in different jurisdictions and must comply with their regulations but emphasized the company is not against any people.

In mid-October, established cryptocurrency platforms like Localbitcoins, Blockchain.com, and Crypto.com started to suspend services for Russians, conforming to the latest EU requirements as done earlier by NFT platform Dapper Labs. Later, U.S.-based crypto exchange Kraken introduced restrictions, banning new registrations on the platform from the Russian Federation.

Do you expect other crypto platforms to comply with sanctions against Russian users or refrain from imposing restrictions? Share your thoughts on the subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory