Ukraine Demands Major Crackdown on Russian Crypto Investors

After Russia invaded Ukraine by performing special military operation, the latter ratcheted its stance against the former's crypto users
After Russia invaded Ukraine by performing special military operation, the latter ratcheted its stance against the former's crypto users

On Sunday, days after Russia decided to invade Ukraine by performing “special military operation,” the latter ratcheted its stance against the former’s crypto users, saying that it is time to “sabotage ordinary users.”

Vice Prime Minister Mykhailo Fedorov asked “all major crypto exchanges to block addresses of Russian users” on Twitter. He has previously requested information regarding digital wallets linked to Russian and Belorussian politicians, stating that the Ukrainian crypto community would provide a “generous reward” to anyone who could supply information.

The administration has already used Twitter to seek millions of dollars in crypto donations, as well as posting in online hacker forums that it is seeking support in protecting against cyberattacks.

Ukraine receives major support

While it was initially unknown how the major stock exchanges would react to Fedorov’s latest request, several of their CEOs have openly expressed their support for Ukraine since the Russian invasion. On Sunday, a verified Binance Twitter handle said that the exchange was donating funds “to help the humanitarian crisis in Ukraine.”

The Russia-Ukraine crisis is attracting many eyes, with several crypto experts displaying their concerns on social media platforms. Recently, Tesla CEO Elon Musk has come forward to rescue Ukraine’s internet with his company SpaceX after the country’s Vice Prime Minister Mykhailo Fedorov directly called him out on Twitter.

Western nations, including the United States, reached an agreement on Saturday to cut some Russian banks from SWIFT, a messaging system that facilitates transactions between thousands of banks all over the world, according to reports.

The decision is the latest in a series of international sanctions aimed at isolating Russia from the global financial system. These regulations are increasing the pressure on Russians to find alternative means of moving their wealth, with cryptocurrency being a possible option to consider.