Russia will not be able to use digital assets to circumvent sanctions. This was stated by Changpeng Zhao, head of the Binance bitcoin exchange, in an interview with CNN.

“Governments around the world easily track crypto transactions. Digital assets are not suitable for this, – top manager explained.

In early March, Binance refused to unilaterally freeze millions of user accounts in Russia. Then, the CEO of the platform announced that he was ready to do so regarding the accounts of clients on the sanctions list.

Changpeng Zhao declared that he is against the politicians and dictators who started the war, but that this should not affect the citizens. He stressed that the decision does not mean that the bitcoin exchange supports Moscow’s actions.

“We are not against the people. There are many people suffering on both sides of Ukraine and Russia. We want to help these people.”, – Binance chairman explained.

Recall, experts believe that the Russian Federation will not be able to circumvent sanctions with the help of crypto assets, both due to the scale of the economy and the imposed restrictions.

Earlier, Reuters reported that UAE-based crypto firms have faced a number of applications from Russian citizens to convert digital assets into fiat money due to fears of freezing digital assets.

Prior to this, the United States announced the strengthening of monitoring of the circumvention of sanctions by the Russian Federation with the help of cryptocurrencies. EU countries have agreed on a package of restrictive measures against Russia affecting digital assets.