Crypto exchanges froze Canadian funds, they froze Russian funds, stablecoins can be frozen in any wallet and transactions can be reverted, banks are freezing assets, you can’t sell or buy Russian stocks. Sound crypto is a must.
This is my 511th epi…
Crypto exchanges froze Canadian funds, they froze Russian funds, stablecoins can be frozen in any wallet and transactions can be reverted, banks are freezing assets, you can’t sell or buy Russian stocks. Sound crypto is a must.
This is my 511th episode/article. I put a great deal of work into this content so if you find it valuable, please do like, share, comment and subscribe!
Crypto exchanges froze Canadians’ funds under emergency orders, banks froze accounts, and bitcoin was blacklisted from centralized exchanges.
Stablecoins aren’t safe because with something like USDT or USDC, we don’t know how accurate their backing is and what’s worse is that it’s more centralized than the banking system where they can easily freeze your funds even in a decentralized wallet and revert transactions.
Banks and stock exchanges are preventing you from trading Russian stocks. Not only are they telling you what you are allowed to invest in, but you also cannot sell your stocks that you had already invested in and are basically forced into losing everything by these institutions.
Exchanges were being demanded to also ban all Russian civilians crypto accounts by the Ukraine Vice Prime Minister: https://twitter.com/FedorovMykhailo/status/1497922588491792386
Almost all exchanges unilaterally said no as he actually suggested that exchanges should sabotage ordinary users. The major concern is that US and western governments could put out legal orders to make this happen and exchanges would have to comply.
Binance however agreed to go after specific users like politicians etc.
Here is an article covering this: https://sanfranciscotribe.com/Home/crypto-exchange-sanctions-exchanges-refuse-to-comply/
https://www.yahoo.com/news/binance-crypto-exchange-refuses-to-freeze-russian-accounts-080546197.html
https://www.cityam.com/crypto-exchanges-refuse-to-ban-russian-users-as-rouble-trading-surges/
Consider this, not having access to your money is more or less fraud or a scam. So these companies that have sanctioned Russian users are basically scamming them. In any other instance, having your access to funds taken away would be a clear scam like Squid game token.
How important is decentralization to you? Do you think it’s under attack? Where do you think we will be in 5 years? What are you doing to stay ahead of the curve? Let me know what you think about this in the comments below and don’t forget to subscribe!
*Disclaimer: This is not financial advice and is purely for entertainment purposes. What you see, hear, or read is my personal opinion, and any statements made are based on my views and should not be misconstrued as fact. My crypto portfolio may or may not be simulated*
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