The country has been largely cut off from the SWIFT international payment system, and businesses in the United States and other Western nations are banned from doing business or transacting with Russian banks and the national wealth fund.

Executives at crypto exchanges have weighed in on the sanctions and their possible effects. The CEO of Binance, Changpeng Zhao, went on Twitter to voice his opinion on the subject. He claimed that most banks adhere to sanctions rules and crypto exchanges like Binance also follow them.

Fact:Banks (most of them I hope) follow sanction rules.Crypto exchanges (at least Binance) follow sanction rules.Media:Crypto exchanges don't sanction Russia normal people.Crypto exchanges don't follow sanction rules.‍♂️

Brad Garlighouse, the CEO of Ripple, also slammed the allegations that Russia may use cryptocurrencies to get around economic sanctions. On Twitter, Ripple's CEO described the procedures for establishing a cryptocurrency exchange, stating that worldwide crypto trading platforms rely on a variety of banking partners who risk losing their licenses if a blocked country or individual breaks through all necessary security measures to conduct transactions on these platforms.

RippleNet, for example, has always been - and remains today - committed to NOT working with sanctioned banks or countries that are restricted counterparties. Ripple and our customers support and enforce OFAC laws and KYC/AML.

Garlinghouse said that cryptocurrency exchanges have implemented stringent measures such as those requiring customers to comply with KYC/AML standards to avoid such