Currency.com, a cryptocurrency exchange operational from Europe, has joined a flock of financial services platforms to suspend operations for residents of the Russian Federation.
Announced on Tuesday, the latest move came after Currency.com halted the opening of all new accounts by Russians on its crypto trading platform . All these moves came as a response to the continued invasion of Ukraine by the Russian military.
“The Russian invasion of Ukraine brought violence and disorder to the people of Ukraine,” Vitaly Kedyk, the Chief Executive Officer at Currency.com Ukraine, said in a statement.
“We condemn the Russian aggression in the strongest possible terms. We stand with Ukraine and everyone who denounces this terrible war. In these circumstances, we can no longer continue to serve our clients from Russia.”
Currency.com is operating from its offices in London, Gibraltar and Vilnius. Additionally, the platform confirmed that its decision to pull out from Russia would not affect its services in other countries and regions.
The decision by Currency.com, which is a sister company of Capital.com, came when the platform was witnessing a massive surge in demand. Its client numbers increased by 130 percent in the first six months of 2021, Finance Magnates reported earlier.
Response to the Russian Aggression
The Russian aggression inside Ukraine’s territory started in late February that followed a barrage of sanctions from the Western governments. These sanctions not only shook the Russian economy but also forced foreign companies with operations in Russia to consider their presence.
Several financial services companies started by suspending the process of onboarding new Russian clients, but they are now suspending their operations entirely from the country and also Belarus, which is the only European ally of Russia.
Denmark-headquartered Saxo Bank recently stopped all services in Russia and Belarus. Other companies like Dukascopy Bank and JustForex also halted their services in these two countries earlier. These are only the trading companies as dozens of other foreign financial and other companies have stopped providing their services in Russia.
