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Cryptocurrency exchange Bybit has no intention of imposing restrictions on Russian traders, despite a recent reminder from the Monetary Authority of Singapore (MAS) about the obligations of crypto providers in this regard. According to a crypto media report, the platform shared its position in correspondence with partners.
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 a number of inquiries 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 stressed:
We have stated several times that we do not discriminate against crypto users based on their location and passport.
Restrictions may only affect customers in jurisdictions that do not allow unlicensed futures trading, such as the US, Singapore and China, among others, Bybit said. It made the comments in a message to partners shared by a source with Getblock Magazine and cited by other Russian-language crypto news outlets.
According to the report, Bybit further insisted that their team is doing everything to give all users equal access to the platform and is working to ensure that their money is safe and that they have the best trading experience.
On Monday, MAS also said pro-Russian groups have used digital asset exchanges to raise millions of dollars in crypto donations to support Russia’s military efforts in Ukraine, citing studies by blockchain investigative firms Chainalysis and TRM Labs.
Established in 2018, Bybit currently offers nearly 200 currency pairs, has a daily trading volume of over $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 issue of Russia sanctions.
In October, the world’s largest coin trading platform, Binance, pointed to the lack of clarity around compliance with EU restrictions. After previously banning only “high-value” crypto asset services for Russian citizens and companies, the Union’s eighth sanctions package banned European companies from providing any crypto wallet, account or custody services to Russians.
During a press conference in Lisbon this week, Binance CEO Changpeng Zhao described the situation surrounding the European sanctions as “difficult”. Responding to a question from Coindesk asking if the exchange would follow the decisions of other crypto companies and restrict Russian accounts, CZ admitted that 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 that the company is not against any people.
In mid-October, established cryptocurrency platforms such as Localbitcoins, Blockchain.com and Crypto.com began suspending services for Russians, in compliance with the latest EU demands previously made by NFT platform Dapper Labs. Later, US-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 topic in the comments section below.
Image credit: Shutterstock, Pixabay, Wiki Commons, Dennis Diatel
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