As the West and America tighten their economic sanctions on Russia, concerns have emerged about how this will affect the cryptocurrency market.

The country has been largely cut off from the SWIFT international payment system, and businesses in the United States and other Western nations are banned from doing business or transacting with Russian banks and the national wealth fund.

Executives at crypto exchanges have weighed in on the sanctions and their possible effects. The CEO of Binance, Changpeng Zhao, went on Twitter to voice his opinion on the subject. He claimed that most banks adhere to sanctions rules and crypto exchanges like Binance also follow them.

Brad Garlighouse, the CEO of Ripple, also slammed the allegations that Russia may use cryptocurrencies to get around economic sanctions. On Twitter, Ripple’s CEO described the procedures for establishing a cryptocurrency exchange, stating that worldwide crypto trading platforms rely on a variety of banking partners who risk losing their licenses if a blocked country or individual breaks through all necessary security measures to conduct transactions on these platforms.


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