Binance founder and CEO Changpeng Zhao believes that tough Western sanctions against the crypto industry in Russia are futile. The wealthiest person in Asia is certain that Russian crypto traders will discover loopholes and find ways of evading the sanctions.
Restrictions against the crypto market make no sense, Binance chief commented on the EU decision to impose sanctions on Russian crypto holders. Changpeng Zhao predicts that in case accounts of Russian crypto traders are blocked on international crypto exchanges, they will go to smaller trading platforms registered in Russia.
Low liquidity of such crypto platforms does not scare off would-be investors. Besides, providers of online trading services and arbitrage traders are ready to provide access to such platforms. Binance CEO says that the importance of a crypto exchange is too exaggerated when dealing with digital assets. A user can accept payments in crypto as soon as an open-source wallet is installed.
The executive supposes that the Russian authorities will not greenlight a wide use of crypto for its citizens because such popularity is not to Moscow’s benefit. Changpeng Zhao thinks it will cripple the Russian ruble. The transition of the Russians from the ruble to cryptocurrency will undermine the ailing national currency and therefore Russia’s power. “Another reason Russia would not want to use crypto is that it is too traceable. And governments around the world are already very adept at tracking it,” Zhao said.
