Crypto Trading Terminal Startup Suspends All Russian Accounts

Other crypto exchanges, including Binance and FTX, have refused to issue a blanket ban to Russian customers

article-image
share

key takeaways

  • The small business moved to cut off Russian users in support of Ukrainians
  • Russian accounts make up 2% of HyperLinq’s business

As cryptocurrency exchanges stand their ground on refusing to ban Russian customers across the board, one upstart company is doing the opposite.

Texas-based cryptocurrency trading terminal startup HyperLinq decided to suspend service for Russian users.

“I know the majority of exchanges have decided not to place a ban on Russian users, and that’s their business decision, and I respect it,” said CEO Amar Gautam. “But we feel very strongly about the human suffering that’s happening in Ukraine.”

Russian accounts make up about 2% of HyperLinq’s business, Gautam said. Users in Russia were given advance notice that their accounts would be suspended, he added, but HyperLinq has not yet received any pushback.

“It doesn’t matter how big or small a business you are,” Gautam said. “I have a very strong opinion on this, and I feel like exchanges should do more.”

Non-US exchanges such as Binance and FTX have argued that preserving the access of Russians to crypto is crucial, considering their growing reliance on digital assets as the ruble plummets in the face of heavy US and European sanctions.

Binance, which has no official headquarters, will not “unilaterally freeze millions of innocent users’ accounts,” a spokesperson said. Bahamas-based FTX “plans to continue complying with the laws related to sanctioned countries,” a spokesperson said.

“The exchanges are saying that regular people in Russia are not responsible for this war and freezing their funds would bring hardship to them,” Gautam said. “I understand that argument. I think even if you do not want to freeze their funds, at least stop them from trading.”

Coinbase, which publicly stood behind Russian users in the face of sanctions, nevertheless blocked 25,000 wallets addresses linked to what it believes are Russian individuals and entities engaged in illegal activity Monday.

HyperLinq plans to donate all of its March revenue to efforts in Ukraine, Gautam said.


Get the news in your inbox. Explore Blockworks newsletters:

  • Blockworks Daily: The newsletter that helps thousands of investors understand crypto and the markets, by Byron Gilliam.
  • Empire: Start your morning with the top news and analysis to inform your day in crypto.
  • Forward Guidance: Reporting and analysis on the growing intersection of crypto and macroeconomics, policy and finance.
  • 0xResearch: Alpha directly in your inbox. Market highlights, data, degen trade ideas, governance updates, token performance and more.
  • Lightspeed: Built for Solana investors, developers and community members. The latest from one of crypto’s hottest networks.
  • The Drop: For crypto collectors and traders, covering apps, games, memes and more.
Tags

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 18 - 20, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Research Report Templates (4).png

Research

Even as the most performant, widely used blockchain today, Solana is still far from perfect, prompting some teams to iterate upon some design choices while maintaining compatibility at the SVM execution layer. This report analyzes three emergent SVM chains (Eclipse, Atlas, and Fogo) to understand the motivations behind the technical architectures, as well as the current state and future outlook.

article-image

Fundamental investors are turning to token buybacks

article-image

A Glassnode report found that the accumulation range for bitcoin is ‘weak,’ indicating a decline in demand

article-image

CEO Bam Azizi said he’ll only be seeking stablecoin-exclusive funding rounds from now on

article-image

Sponsored

WalletConnect is set to deepen its role by integrating with emerging standards and expanding its utility across different onchain sectors

article-image

Zeta Markets has shipped testnet for Bullet, a low-latency “network extension,” the team told Lightspeed exclusively

article-image

Having passed Congress, the resolution will now head to Trump’s desk