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The CEO of Coinbase Brian Armstrong says his company will follow the law if the US imposes a ban on crypto currencies in Russia.

“Every US company has to follow the law – it doesn’t matter if your company handles dollars, crypto, gold, real estate or even non financial assets. Sanctions laws apply to all US people and businesses.”

Mr Armstrong added, however, that the risk of Russian oligarchs using crypto currency to avoid sanctions is relatively low due to it being more traceable than cash or gold, while also proving useful for ordinary Russian people.

 “In addition, we are not preemptively banning all Russians from using Coinbase. We believe everyone deserves access to basic financial services unless the law says otherwise.”

“Some ordinary Russians are using crypto as a lifeline now that their currency has collapsed. Many of them likely oppose what their country is doing, and a ban would hurt them, too. That said, if the US government decides to impose a ban, we will of course follow those laws.”