Binance, the world’s largest exchange, said unilaterally banning users would fly in the face of the reason why crypto exists.

Faced with a request by Ukrainian leadership to freeze the accounts of all people in Russia and Belarus, major crypto exchanges are steadfastly refusing, saying the tactic would unfairly harm civilians and “fly in the face” of the crypto community’s libertarian ideology.

In a tweet, Vice Prime Minister of Ukraine Mykhailo Fedorov publicly asked the world’s major crypto exchanges over the weekend to freeze all accounts of the Russian people, as well as the people of Belarus, a Putin ally, rather than only those entities who have been legally sanctioned, thereby placing additional domestic pressure on Russia to end its war on Ukraine.

Instead of joining the military defense, the U.S. and European Union have attempted to cripple Russia’s economy by aggressively sanctioning Russian banks, sovereign debt, and leadership, leading the Russian ruble to plunge in value. At the same time, cryptocurrency has emerged as a site of contest, with millions of dollars in crypto being donated to Ukraine while observers wonder if Russia will turn to the blockchain to escape sanctions.

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