Cryptocurrency exchange Bybit has no intention of introducing restrictions for Russian traders, despite a recent reminder by the Monetary Authority of Singapore (MAS) about the obligations of crypto providers in that regard. According to a crypto media report, the platform shared its position in correspondence with partners.
Bybit reportedly promises 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 currency trading platforms must comply with sanctions imposed over Moscow’s ongoing incursion into Ukraine.
In response to numerous inquiries and publications claiming 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 said 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 United States, 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 its team does everything possible to offer all users equal access to its platform and works to ensure that their funds are safe and they have the best trading experience.
On Monday, the MAS also said that pro-Russian groups used 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 was performed.
Founded in 2018, Bybit currently offers nearly 200 currency pairs, has a daily trading volume of more than $900 million and more than 1.6 million users, the report said. The platform is not the only global exchange that has had to address the Russia sanctions topic.
Crypto platforms setting their stance on Russia sanctions
In October, the world’s largest coin trading platform, Binance, pointed to the lack of clarity on 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 banned 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 surrounding the European sanctions as “difficult”. In response to a question by 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 to suspend services for Russians, which comply with the latest EU requirements as previously done by the NFT platform Dapper Labs. Later, the 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.
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