Currency.com, a crypto exchange founded and originally licensed in Belarus, has suspended operations for Russian clients. The restrictive measure is in response to Russia’s attack on Ukraine, the platform said, noting that customers in other jurisdictions will not be affected.
Currency.com exchange condemns “terrible war” in Ukraine and denies service to Russian traders
Cryptocurrency trading platform Currency.com announced its decision to halt operations for residents of the Russian Federation due to Moscow’s military aggression against neighboring Ukraine. The decision was made after the exchange, which was born in Belarus, had previously stopped opening new accounts for Russian users.
📢 https://t.co/utaDc9wnIa halts operations for residents of the Russian Federation (Russia). Clients from other countries and regions will not be impacted by this decision.
— Currency.com (@CurrencyCom) April 12, 2022
In a statement released by the platform late Tuesday, Vitaly Kedyk, chief executive of its Ukrainian unit, said the Russian invasion had brought violence and disorder to the people of Ukraine, and added:
We condemn Russian aggression in the strongest possible terms. We support Ukraine and all who condemn this terrible war. Under these circumstances, we can no longer continue to serve our clients from Russia.”
Customers from other countries and regions will not be affected by this decision. Currency.com emphasized that it will continue to provide services to its global customer base through its international network. The exchange has offices in New York, London, Gibraltar, Vilnius and Warsaw.
Currency.com, founded by Belarusian tech entrepreneur Viktor Prokopenya, was originally founded and licensed in Belarus, a close political, economic and military ally of Russia. According to information on its website, Valut Kom Bel LLC is a legal entity registered in Minsk in 2018.
The company is a resident of the Belarusian High Technology Park (HTP) and a token platform operator authorized under President Alexander Lukashenko’s Decree “On the Development of the Digital Economy,” which legalized crypto-business activities four years ago. The Gibraltar-registered trading company Currency Com Limited is a licensed money services company in Canada and the United States
In late February, just after Russian troops crossed the Ukrainian border, Currency.com representatives were quoted by Russian business portal RBC, a crypto news outlet, as saying that the exchange has no plans to ban Russian users.
Currency.com has donated more than $1 million to humanitarian initiatives in Ukraine since the start of hostilities. These funds are used by government agencies and volunteer organizations helping Ukrainians displaced by the conflict with food, shelter, and medical care.
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