Coinbase CEO Brian Armstrong has something important to say about the current geopolitical situation. Coinbase’s chief executive says that Coinbase doesn’t have plans to ban all of its Russian users, but the statement comes with one caveat.
CEO and billionaire Brian Armstrong tells his one million Twitter followers in a lengthy thread that Coinbase is not looking to impose an outright ban on Russian users.
“We are not preemptively banning all Russians from using Coinbase. We believe everyone deserves access to basic financial services.”
On the other hand, he highlighted that the crypto exchange’s stance can change at a moment’s notice. According to Armstrong, Coinbase will always follow the law, and if it calls for it, they will indeed impose a widespread ban on Russian users.
“…unless the law says otherwise. 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.”
He continued and said the following as well:
“Sanctions are a complex issue, and the situation is changing fast, so we’ll keep working with law enforcement and governments, and will take more steps as needed.”
Russian oligarchs will probably not use Coinbase as tool
As the online publication the Daily Hodl notes, the CEO also said that he believes that it is unlikely for Russian oligarchs to use Coinbase to circumvent the heavy economic sanctions placed on them by the United States and its European allies.
At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $39,056.
In other recent news, just the other day, we were revealing that Bitcoin was able to make a spectacular price bounce, and more investors are wondering what the specific trigger is.