Crypto Exchange Bybit Does Not Plan To Penalize Russian Users Despite MAS Call, Report – Bitcoin Exchanges News

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Cryptocurrency exchange Bybit has no plans to introduce any restrictions for Russian traders, despite a recent reminder from the Monetary Authority of Singapore (MAS) about crypto providers’ obligations in this regard. According to a crypto media report, the platform has shared its position in correspondence with partners.

Bybit reportedly vows to ‘not discriminate against crypto users based on location and passport’

Singapore-based crypto exchange Bybit will not restrict users from the Russian Federation, although the city-state’s central bank reiterated this week that licensed coin trading platforms must comply with sanctions imposed following the Moscow’s ongoing invasion of Ukraine.

In response to numerous questions and posts alleging that Bybit will not be available in Russia due to measures introduced by Singapore, the exchange pointed out that it is headquartered and registered in Dubai and pointed out:

We have repeatedly stated that we do not discriminate against crypto users based on their location and passport.

The 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. He made the comments in a message to partners shared by a source with Getblock magazine and quoted by other crypto news outlets in Russian.

According to the report, Bybit further insisted that its team is doing everything possible to provide all users with equal access to its platform and strive to ensure the safety of their funds and the best trading experience. .

On Monday, MAS also said pro-Russian groups were using digital asset exchanges to collect millions of dollars in crypto donations to support the Russian military effort in Ukraine, citing studies by blockchain forensics firms. Chainalysis and TRM Labs.

Established in 2018, Bybit currently offers nearly 200 currency pairs, has a daily trading volume of over $900 million and more than 1.6 million users, the report noted. The platform is not the only global exchange to have had to broach the subject of sanctions against Russia.

Crypto Platforms Define Position on Russia Sanctions

In October, the world’s largest coin exchange, Binance, highlighted the lack of clarity regarding compliance with EU restrictions. After previously banning only “high-value” crypto-asset services for Russian residents and companies, the EU’s eighth sanctions package banned European companies from providing any wallet, account or custody services. crypto to Russians.

At a press conference in Lisbon this week, Binance CEO Changpeng Zhao described the situation around EU sanctions as “delicate”. Responding to a question from 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 stressed that the company is not against anyone.

In mid-October, established cryptocurrency platforms like Localbitcoins, Blockchain.com, and Crypto.com began suspending services for Russians in line with the latest EU requirements, as the platform previously did. – NFT form Dapper Labs. Later, US-based crypto exchange Kraken introduced restrictions, prohibiting new listings on the platform from the Russian Federation.

Keywords in this story

Bybit, Central Bank, Crypto, Crypto Assets, Crypto Exchange, Crypto Services, Cryptocurrencies, Cryptocurrency, Customers, Exchange, MAS, Monetary Authority, Restrictions, Russia, Russian, Russian Users, Russians, Penalties, Singapore, Users

Do you expect other crypto platforms to comply with sanctions against Russian users or refrain from imposing restrictions? Share your thoughts on the subject in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons, Dennis Diatel

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