Switzerland has taken a firm position against Russians who possess cryptocurrencies within its borders and has frozen their assets.
Following President Putin’s declaration of war, the traditionally neutral nation has joined the EU and the US in slapping financial restrictions on Russians. Furthermore, the authorities have pursued their bitcoin holdings within Switzerland’s borders.
Since Putin started a “special military operation” against Ukraine, which turned out to be a full-fledged war, NATO and the EU have implemented stringent steps to prevent the country and its wealthiest individuals (oligarchs) from accessing banking services and even their own money.
It’s worth mentioning that cryptocurrencies were also mentioned, with watchdogs saying that billionaires can use them to avoid penalties. As a result, several individuals pushed exchanges to discontinue serving Russian-based customers and even seize their assets.
The community was divided in half as a result of these desires. While major exchanges like Binance, Coinbase, and Kraken have so far declined to do so, claiming that such a step would be contrary to the spirit of cryptocurrency, numerous South Korean exchanges have begun barring Russian IP addresses.
According to the Financial Times, Switzerland has adopted a similar position. Aside from joining the EU in implementing all sanctions against Russia, the traditionally neutral state went after Russian cryptocurrency assets on its territory. Surprisingly, a top official from the finance ministry also emphasized some of the industry’s most significant benefits.