Binance Embraces Crypto’s Freedom in Face of Conflict

Binance’s CEO responds definitively that the crypto trading platform is apolitical.

Charity First

Binance made its stance clear that the leading crypto exchange is not a political tool to censure any party but will remain committed to its cause for the people. Changpeng Zhao’s reply was in response to Mykhailo Federov’s tweet requesting crypto exchanges to block Russian users and freeze Russian and Belarusian

Instead, Binance has committed itself to relief efforts in Ukraine for on-the-ground support through its ‘Ukraine Emergency Relief Fund’. The fund has managed to secure $6.8 million in donations at the time of writing. 

Source: Humanitarian efforts are taken to ease the plight of Ukrainians affected by the incursion 

Jordan Pearson, a senior editor at Motherboard tweeted that Coinbase, the leading crypto exchange platform in the US has also reiterated their position of non-intervention citing ‘economic freedom’. Coinbase believes that a unilateral and total ban would harm ordinary Russian citizens that are already enduring hardship. 

Humanity First

Binance’s firm stance reflects the organization’s vision in making the world a better place. The world will not be a better place through polarization. Sanctions imposed by many countries and organizations are incapable of directly targeting the acts of aggression. There will be collateral damage. Sanctions and censures will only hurt the most vulnerable people who are already victims.

Binance’s relief efforts will be primarily aimed at providing solutions for three major causes. First, to protect the welfare of 7.5 million Ukrainian children by providing medical supplies, safe drinking water, social protection and emergency educational resources. Secondly, to provide essential supplies and improve the living conditions of temporary shelters for refugees. Thirdly, to provide assistance to the Internally Displaced Persons (IDP) within Russia through the United Nations High Commissioner for Refugees (UNHCR).  

Money is Weaponized

Nation states are moving in with sanctions. The main tool to implement these sanctions is through the use of money. Currencies are being weaponized to cripple Russia. This is a dangerous precedent. If it can be used against a nation state, it can be used against an individual. There is no guarantee it will be utilized for the right reasons. 

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