Technology

Binance founder says cryptocurrencies won’t help Russia evade sanctions

The founder of Binance, the cryptocurrency trading platform, has dismissed fears that virtual money could be used by the Kremlin to evade sanctions as he claimed that “crypto is too small for Russia”. Changpeng Zhao said cryptocurrencies also defeated attempts to work around sanctions by being too traceable, adding that more focus should be placed on banks. In a statement Zhao said the media and politicians should be focusing on conventional lenders and the oil and gas market. “Currently, the media and politicians are spending a lot of effort and focus on crypto and sanctions,” he said. “The truth is, crypto is too small for Russia. If we look at the crypto adoption today, there is probably about 3% of the global population with some kind of crypto exposure (ie, owning some crypto).

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