Former Secretary of State Hillary Clinton has critical words for the Biden administration and many European countries on the issue of crypto exchanges. She wants them to have these exchanges stop transactions for users in Russia. She is quoted as saying that officials should take a hard look at how to prevent crypto markets stop being an escape route for Russia. Transactions by the government and private citizens should be curtailed.
In the same interview, she said that she was disappointed to see some crypto exchanges refusing to stop transactions in Russia. According to her, everyone involved should do their best to isolate Russia and hamper economic activity there.
On Sunday, February 27th, Mykhailo Fedorov, Ukraine’s Vice Prime Minister requested that all major crypto exchanges block Russian user addresses. This was to include private and public addresses. In response, several crypto exchanges have said that they won’t comply. Exchanges include Coinbase, Binance and Kraken. The exchanges will comply with the requirements based on sanctions.
Kraken CEO Jesse Powell said that his exchange could only freeze Russian user accounts if a government legally requires it. The exchange was able to do so in the Canadian trucker protest instance because of a legal requirement.
Clinton believes that all governments should work harder to prevent crypto use as a way to get around sanctions. She said that it is her hope that someone at the US Treasury Department is trying to figure out how to shut off leaky values in the crypto space. This step will probably ensure that Russia feels the full import of the sanctions levied against it.