The head of the London Stock Exchange Group says this is a “watershed moment” for digital coin companies, who could face long-term damage if they don’t pull out of the nation now.
Unlike traditional payment organisations, most crypto platforms are rejecting calls to cut off Russian users altogether.
Both US and European lawmakers fear this could lead to digital coins being used as a way for Russia’s elite to dodge current economic sanctions.
If the industry continues to allow exchanges in Russia, experts warn it may have a long-term impact on how the industry is perceived.
Crypto exchanges face a “fork in the road” and must either embrace independence from regulation or align more closely with the current global financial system.
