deVere Crypto rejects blanket ban on users in Russia

deVere Crypto will not introduce a blanket ban on Russians using the platform, unlike one of our major rivals, which is blocking 25,000 crypto addresses linked to Russians.

We’ve heard news recently regarding concerns that cryptocurrencies will be utilised to sidestep sanctions, with a few hundred named Russians on the global sanctions list, which, of course, we stringently adhere to.

Yet we’re not going to implement a blanket ban on innocent Russian citizens, many of whom are suffering from the fallout of Putin’s war. Devastatingly, the situation will inevitably worsen, with potentially destructive consequences as they’re frozen out of the financial system.

We firmly believe that everyone should have access to basic financial services.

As I talk about in City AM and International Investment, amongst other media, in recent days we’ve witnessed innumerable examples of how digital currencies, such as Bitcoin, are helping Ukrainian families flee or better manage the catastrophic situation in the country.

Of course, ordinary Russians who are also caught up in this atrocity should be allowed borderless, permissionless, censorship-resistant and unconfiscatable monetary alternatives as well.

We strongly oppose Putin’s war and of course, he should be punished, but the Russian people shouldn’t. These people should be helped, not deserted.

In addition, it must be remembered that cryptocurrencies are not a way to avoid sanctions. Although crypto wallets are anonymous, transactions are carried out on a decentralised ledger which is traceable, permanent, and public.

Indeed, those seeking to circumvent sanctions would likely utilise other methods, such as cash or gold.

There are so many examples across the globe where people opposing ruling authoritarian regimes have their accounts closed and/or money stolen. This then means they could potentially be trapped, permanently.

As such, Bitcoin and other cryptocurrencies can play a massive role as these people can send and receive it securely and without censorship.

Crypto has the possibility to make a real difference by granting ordinary citizens better financial and political freedoms when these freedoms are in jeopardy.

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