This is why we need privacy coins; more exchanges sanctions relatives of Russia

Another reason why we should not be trusting private exchanges and their tactics, it’s frightening to know that the exchange that is used by so many is controlled by only a few people. The needs of the many should not be regulated by the choices of the few.

Binance has shut down several accounts tied to relatives of senior Kremlin officials over the past two months since Russia began military action in Ukraine, Bloomberg reported on Thursday.

“Proud to be a part of this team that makes a real difference,” Binance’s newly appointed global head of sanctions, Chagri Poyraz, wrote on his LinkedIn page on Binance’s latest measures.

This is honestly shameful to watch. It’s not about taking political sides with either Ukraine or Russia, but the rules of cryptocurrency were clear since Satoshi pushed the genesis of the first Bitcoin:

1.    Decentralization 
   

2.    Trust-less cash system without the intervention of third party 
   

It seems like the more we went into this, the more we got lost about Satashi’s ideals. Binance has already banned Russian users, or limited them to a certain amount

(https://www.reuters.com/business/finance/crypto-exchange-binance-limits-services-russia-after-eu-sanctions-2022-04-21/) and it has been classified as “anti-money laundering’ too (https://www.amlintelligence.com/2022/04/binance-limits-russian-services/#:~:text=Binance%20informed%20users%20that%20Russian,make%20new%20deposits%20or%20trade.)

This is simply, just not right, and we’re in need privacy coins more than ever. Monero employs all the priveleges that Satoshi wanted to see exist, with the addition of security and actual privacy for once. I know for a start I’ll be pushing away from private exchanged and even using my credit card as America rolls in the Digital Dollar, a prospect far more terrifying than fiat itself. Pretty sure there are many places like exeno that allow you to buy things with crypto directly and avoid the cesspool of fiat altogether.

Private exchanges will not hold back when it comes to their power. We have given them more power than they deserve, and no human being can be trusted with said power.

“Power corrupts and absolute power corrupts absolutely”-