Michael Chobanian, founder of Ukraine's Kuna crypto exchange, addressed the Senate Banking Committee remotely on Thursday offering his thoughts on Russian sanctions and crypto as a force for good
, but a spokesperson added at the time the firm would not “unilaterally freeze millions of innocent users’ accounts” in Russia.
“To stop Russia in its tracks, and to bring about a more democratic world with personal freedom through cryptocurrency, we appeal to crypto exchanges worldwide, including Binance, to block any interaction with sanctioned individuals until the fall of Putin’s regime and end of aggression against Ukraine,” said the Kuna founder.
Discussions on Russia and Ukraine at the hearing represented two possible extremes of use cases of crypto. On the one hand, some lawmakers implied a country like Russia could potentially use the technology to bypass sanctions as was the case for sanctions imposed on Venezuela, Iran, and North Korea.
Ransomware attacks were also on lawmakers' lips given criminals’ seeming affinity for demanding payment in cryptocurrencies including Bitcoin (
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