Binance CEO Zhao suggests that the exchange may still accept Russian users

According to the CEO of the world’s largest cryptocurrency exchange by volume, new and tougher EU sanctions have created a “tricky situation” when dealing with Russian users.

“We are not against any people,” said Binance CEO Changpeng Zhao, holding a press conference during the Web Summit here on Wednesday. “We are against dictatorships of war. We’re not against the population. But as a business, we’re licensed in many different places. We have to follow the rules,” he added.

When asked if Binance will follow the decisions of LocalBitcoins, Crypto.com, Kraken, and other peers to expel Russian users, Zhao said he didn’t have a definitive answer yet.

“It’s a difficult position,” he said. While Binance’s licensed organizations in Europe, including France, Italy, Spain, Lithuania, and Sweden, would undoubtedly be unable to service Russian citizens due to sanctions imposed following Russia’s invasion of Ukraine, he added the situation is more complicated in countries outside the EU.

“We are communicating with the regulators on whether it’s OK for us to service Russian users,” he added. “How it plays out internationally, we have to see. We’re waiting for expert recommendations. It’s a tough situation.”

Zhao has previously described Russia as a “key market” for Binance, and the exchange is well-known in the country.