An update about Ukraine and Russia

written by Stephane Marbeau

An update about Ukraine and Russia

A note about recent events from our CEO Hong Fang

This has been a really tough week for a lot of us, especially those who are in Ukraine (and Russia), or have families affected by this invasion and horrible unrest. Please know that this war is weighing heavily on me. I want to share a few messages with you in the spirit of transparency so you understand where we and our organization stands. I also want to let you know that while this conflict and uncertainty will continue to evolve, I am lifted by the strength and passion of our team, as well as the importance of our mission.

Crypto for all

We’re in the middle of unprecedented sanctions being announced by governments around the world. To be clear, we will follow all mandatory sanctions when they come. But we firmly believe that every individual should have free access to their financial wealth, and the freedom of not being controlled or affected by who governs them. We’ll uphold our mission of making crypto accessible to everyone. Therefore, we have no plans to freeze accounts beyond mandatory sanctions, REGARDLESS of where our customers are.

I want to take this opportunity to reiterate: We are not in the business of building an old system. Part of what makes this crisis unique is that it’s occurring while billions of people have access to bitcoin. And while there’s a lot more than money at play, we’re at the center of unprecedented changes in how people use and store wealth when governments or dictators act to control them. Of course, we all wish this war would end quickly or would have never been started in the first place, but it does point me back to the importance of the work we’re doing — the importance of crypto for all.

And I repeat: CRYPTO FOR ALL. A crisis like this shows how bitcoin and crypto is so much more than charts. There are real people who depend on the alternative system we are building because they’ve had everything else taken from them. Know that you and your work are part of something much bigger than any of us.

That being said, we have no control over our partners’ actions: banks, payment systems, and organizations that we depend on may act differently, which in turn means our customers will not have the experience they expect as before this chain of events happened. In particular, for customers in Belarus and Russia right now, there may be failed transactions due to sanctions affecting financial institutions in those countries.

We can’t foresee what will happen, but we promise to be transparent with you and with our customers who are affected. We will fight in whatever way we can for everyone’s freedom to receive and use crypto on his/her own terms (as long as it’s legal).

What else can we do to help?

I also believe that it’s equally impactful for us to focus on building the alternative system and make it DAMN good.

The history of fiat is a history of war. a When governments can print money freely, capital market distortion is the least ugly implication of such a system. Average citizens don’t have control over their own wealth (either value or access). And ultimately, we find ourselves in violent situations like this that are imposed by those in power who abuse the system for their own desires and beliefs.

As average citizens ourselves, the strongest support we can give to each other (and to our future generation) is to focus on building the right thing. Crypto is the future. We will fight OUR war by building on bitcoin and around bitcoin, by building a more decentralized and free world where no government or organization can control how we live and care for our family. 

Platform updates

For customers in Belarus and Russia, you may experience failed transactions, especially if you’re banking with an ex-SWIFT entity

Visa, Mastercard, American Express, and other major providers will stop processing transactions for Russian-issued debit & credit cards as of March 9.

Please reach out to our Customer Support Team if you experience any additional issues using our platform, and we’ll be happy to look into it for you.

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