Bitfinex would not freeze the accounts of regular Russian consumers until it is obliged.
Ardoino believes that barring all Russian citizens in the present crisis may be harsh.
Some cryptocurrency firms stand up for the rights of non-banned Russian people amid a worldwide commercial boycott of Russian individuals over the situation in Ukraine. CTO Paolo Ardoino of Bitfinex, an affiliate business of the world’s biggest stable coin supplier, USDT, said on Thursday that Bitfinex would not freeze the accounts of regular Russian consumers until it is obliged to do so as part of the worldwide sanctions.
Bitfinex CEO said:
“Our view is that the actions of a government do not necessarily represent the wishes of individuals. Therefore, unless we are otherwise directed by the regulatory authorities by which we are governed, we want to protect the accounts of all our customers.”
Bitfinex Does Serve Russian Customers
There has been appropriate action taken against Russian users’ accounts on Bitfinex, according to Ardoino. However, on a human level, the CEO of Bitfinex believes that barring all Russian citizens because of their involvement in the present crisis may be harsh. However, Ardoino only said that “Bitfinex does serve Russian customers” when asked about the Russian market for Bitfinex.
According to Bitfinex’s terms of service, a “sanctioned person” is any person or digital token address that is either expressly included in any sanctions list directly or indirectly owned 50 percent or more by any person. In addition, a person on Bitfinex who is subject to government approval or has been sanctioned, restricted, or fined as a result of relevant economic sanctions is also referred to as a sanctioned person, according to the legal statement.