Powell: Kraken will not freeze Russian accounts at this stage


Kraken’s CEO said the crypto exchange would not freeze accounts belonging to Russians.

Ukrainian Deputy Prime Minister and Minister of Digital Transformation of Ukraine Mykhailo Fedorov urged the crypto exchange to freeze accounts belonging to Russians. Fedorov said;

“It is crucial to freeze not only addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.”


However, Kraken CEO Jesse Powell stressed that the exchange would not freeze accounts belonging to Russians at this time. Powell said:

“I understand the rationale for this request, but despite my deep respect for the Ukrainian people, Kraken cannot freeze the accounts of our Russian customers without a legal obligation to do so. The Russians should be aware that such a demand could be imminent.

Powell stressed that the situation could change over time if the conditions are met to freeze users’ accounts. He added that;

“Our mission at Kraken is to bridge the gap between individual humans from the legacy financial system and bring them into the world of crypto, where arbitrary lines on cards no longer matter, where they no longer have to worry about being caught up in a broad and indiscriminate situation. confiscation of wealth.”

Powell added that Kraken’s mission is best served by focusing on individual needs above those of any government or political faction. People’s money is an exit strategy for humans, a weapon for peace, not war. He added that;

“Furthermore, if we were to voluntarily freeze the financial accounts of residents of countries attacking and unjustly causing violence in the world, the first step would be to freeze all American accounts. As a practical matter, this is not really a viable business option for us.

While Kraken has not yet approved the freezing of Russian accounts, Dmarket, a Ukrainian digital asset company, has decided to freeze Russian-owned accounts on its platform.