KUNA Founder Accuses Binance of Working With the Russian Authorities

KUNA Founder Accuses Binance of Working With the Russian Authorities


  • Mikhail Chobanyan, the founding father of Ukrainian crypto-exchange KUNA, claims that crypto-exchange Binance works with the Russian authorities regardless of the worldwide sanctions.
  • Zhao didn’t touch upon his place or that of Binance, which can be troubling due to his ties to the Chinese language Communist Get together.

Michael Chobanyan, the founding father of Ukrainian crypto change KUNA, claims that crypto change Binance is working with the Russian authorities regardless of world sanctions, and has been for a while.

Throughout a Friday interview on CoinDesk TV’s “First Mover,” Chobanyan mentioned CEO Changpeng Zhao should determine what place CZ takes on Russia after its invasion of Ukraine in late February.

Binance indictment

Throughout a Friday interview on CoinDesk TV’s “First Mover,” Chobanyan mentioned that Binance CEO Changpeng Zhao should determine what place Binance takes on Russia after its invasion of Ukraine in late February.

The issue with Binance is not only that they nonetheless proceed to function on either side, however that they’ve demonstrated cooperation with the Russian authorities even earlier than the struggle. So far as I do know, they’re nonetheless cooperating with the Russian authorities,

Chobanyan, who can also be president of the Ukraine Blockchain Affiliation, appeared earlier than the U.S. Senate Banking, Housing and City Affairs Committee on Thursday at a listening to on “The Position of Digital Property in Illicit Finance.” Throughout that listening to, he accused Binance of not being aggressive sufficient towards the Russian authorities.

Ambiguous place of Binance

Earlier, Binance reported that it doesn’t plan to unilaterally ban Russian customers from accessing the platform, however will take motion in opposition to these in opposition to whom sanctions have been imposed.

Jessica Jung, a spokeswoman for Binance, mentioned:

We choose to not touch upon false accusations. Our focus is on serving to folks.

She additionally cited a press launch saying a $10 million donation from Binance and the launch of a crowdfunding web site referred to as the Ukraine Emergency Aid Fund.

Learn extra: Binance joins the crypto group with a $10M donation to Ukraine amidst Russian assault

Chobanyan didn’t present precise proof that Binance is working with the Russian authorities, however the Russian market has lengthy been crucial to Binance.

In 2019, Zhao referred to as Russia “our key market” and that “we’re all the time searching for companions in any group, particularly Russia.” In a current interview with Bloomberg, Zhao mentioned that monetary sanctions aren’t “a difficulty particular to cryptocurrency,” and that blocking all Russians on a cryptocurrency change could be “unethical.”

Chobanyan’s response

Chobanyan additionally mentioned that Binance has but to make the $10 million donation promised in an announcement in February. Binance mentioned it will ship cash to Ukrainian intergovernmental and nongovernmental organizations (NGOs) for humanitarian support.

They mentioned they donated $10 million to the Ukrainian authorities. Properly, I haven’t seen that $10 million. The place they went, no person is aware of,

On the similar time, the founder opposed the entire blocking of cryptocurrency transactions of odd residents of the Russian Federation. He famous that there are lots of Russian residents who’re in opposition and depend on cryptocurrencies. When taking measures in opposition to the Russian authorities, it’s essential to make it possible for they don’t have an effect on the opposition, “which may help overthrow Putin’s regime,” Chobanyan added.

Nonetheless, crypto stays a viable possibility for Russians who oppose the struggle and want to
get up in opposition to Putin’s regime. Many civilians justifiably worry the
seizure of retail deposits and wish to defend their capital. Buying digital property is an
efficient means by which odd Russian residents can reveal their opposition to Putin’s
regime by transferring their financial savings out of the monetary system of the Russian ruble.



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