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Finance

Crypto Exchange CoinZoom Suspending New Russia-Based Accounts: Report

Existing account holders in Russia won’t be blocked although they will still be screened against sanctions lists, CoinZoom’s CEO said.

By Michael Bellusci
AccessTimeIconMar 8, 2022 at 8:47 p.m. UTC
Updated May 11, 2023 at 7:13 p.m. UTC
Landmarks of Moscow aerial view: Seven Sisters skyscraper, Temple of Ivan the Great
Landmarks of Moscow aerial view: Seven Sisters skyscraper, Temple of Ivan the Great

Cryptocurrency exchange CoinZoom is pausing its acceptance of applications for new accounts within Russia amid the ongoing conflict in Ukraine, Reuters reported Tuesday.

  • Salt Lake City, Utah-based CoinZoom decided to suspend new accounts because it's unclear how customers would fund them now that many major payment firms are pulling out of Russia, its CEO Todd Crosland told Reuters.
  • Existing Russian account holders won’t be blocked, though CoinZoom is screening them against sanctions lists, according to Crosland.
  • CoinZoom is a relatively small exchange, with roughly $2 million in trading volume over the last 24 hours, according to CoinMarketCap.
  • The news comes as many other larger global crypto exchanges such as Binance, Coinbase and Kraken have declined to block new or existing Russian customers despite a request to do so from the Ukrainian government.
  • CoinZoom didn’t immediately respond to CoinDesk’s request for comment.
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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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    Michael Bellusci

    Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

    Follow @mikeybellusci on Twitter