Crypto Market Overview March 8th | Dex-Trade

Crypto Market Overview March 8th | Dex-Trade

Crypto Market Overview – March 8th, 2022

 

Binance Will no Longer Work With Visa and Mastercard of Russian Users

The management of the world's largest cryptocurrency exchange Binance announced that starting from Wednesday it will stop working with Mastercard and Visa issued in the Russian Federation, and will also block all transactions initiated through these cards outside the country due to the blocking of payment systems as part of international sanctions against putin's war in Ukraine. At the moment, the most severe sanctions in history are being introduced against the Russian Federation. By the way, since yesterday, the country topped the list of countries against which sanctions were imposed by the world community. After blocking SWIFT, the property of most Russian pro-government politicians was blocked, and their foreign assets were frozen. However, the CEO of Binance, Changpeng Zhao (CZ), apparently counted on a different scenario and did not want to block users from the aggressor country. On the official Twitter of the crypto exchange, under a tweet about blocking user cards, he wrote that this decision was not made by the management of the exchange and CZ himself could not influence it in any way. Recall that Binance, like most major cryptocurrency exchanges, initially refused to completely block all Russian clients. But later, the trading giants agreed to comply with US sanctions against Russia, which include a number of entrepreneurs, officials and influencers who support Russia's aggressive war against Ukraine and the war crimes of the Russian army.

 

The End of Crypto Gaming in Russia: Blankos Block Leaves the Russian Market

After leaving the Russian market of a large gaming blockchain service GAMEE due to the introduction of Russian occupation troops into Ukraine, the giant of crypto-games Blankos Block Party decided on a similar act, which froze all gaming functions for Russian users, closed their accounts and also freeze transactions for an unlimited period. The brainchild of a major studio Mythical Games was released last year and has already managed to gather a fairly large fan base around the metaverse. Blankos Block Party is a large metaverse party simulator with NFTs and lots of visuals. Apparently, the creators of the game guessed that the residents of the Russian Federation are not up to the holiday now...

 

Coinbase Does Not Contradict The Sanctions and Blocks Russian Accounts from The Black List

Officials at the major US crypto exchange Coinbase said they have already blocked more than 25,000 crypto addresses that were found to be associated with Russian individuals or entities that supported or financed Russian military operations in Ukraine. The marketplace employees were able to identify the relevant addresses using a native blockchain analytics program designed to “identify high-risk behavior, study emerging threats, and develop new mitigations.” These measures allowed Coinbase to block thousands of accounts, most of which were identified before Russia invaded Ukraine. “The transparency of the blockchain is a formidable tool for law enforcement, and platforms like Coinbase work very hard to partner with law enforcement to root out bad actors. There is also a legitimate interest in protecting the privacy of individuals — a public policy principle long recognized in the traditional financial system.” — Coinbase chief legal officer Paul Grewal said. This gesture can be called “changing shoes”, since yesterday the crypto exchange announced its unwillingness to block the digital addresses of Russian users. By the way, the CEO of Coinbase, Brian Armstrong, still believes that there is no particular risk of using crypto accounts by users who are trying to circumvent sanctions against the Russian Federation.