Cryptocurrency exchanges risk long-term damage to their industry by staying in Russia as western governments try to isolate Moscow, the head of the London Stock Exchange Group said Wednesday, calling it a “turning point”.
Unlike payment companies, most crypto exchanges have rejected calls to shut down all Russian users, raising concerns among European officials and US lawmakers that digital assets could be used to evade sanctions imposed by the United States and Europe on Moscow. have piled up in the wake of the invasion of Ukraine.
Crypto exchanges face a “fork in the road” in terms of either embracing an ideology of regulatory independence or aligning more closely with the global financial system, which emphasizes the need for regulation and transparent frameworks, said David Schwimmer , chief executive officer of LSEG.
“If that industry is seen as a bad player… in implementing or avoiding sanctions in terms of what’s going on with Russia, I think that would have a long-term effect in terms of how that industry has been perceived” , he said at a conference hosted by the Futures Industry Association in Boca Raton, Florida.
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