Crypto Trading Platform Currency.com Stops Operations in Russia

Currency.com, a cryptocurrency exchange Cryptocurrency Exchange A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f A cryptocurrency exchange is an online platform that supports the exchange of various currencies for a cryptocurrency or digital asset.Comparable to a generalized financial exchange, a crypto exchange’s core function is to permit and encourage the buying and selling of cryptos.This is accomplished by producing a stable trading environment suitable for traders nested through different locations around the world. Sometimes a crypto exchange may be referred to as a digital currency exchange (DCE) f Read this Term operational from Europe, has joined a flock of financial services platforms to suspend operations for residents of the Russian Federation.

Announced on Tuesday, the latest move came after Currency.com halted the opening of all new accounts by Russians on its crypto trading platform Trading Platform In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real In the FX space, a currency trading platform is a software provided by brokers to their respective client base, garnering access as traders in the broader market. Most commonly, this reflects an online interface or mobile app, complete with tools for order processing.Every broker needs one or more trading platforms to accommodate the needs of different clients. Being the backbone of the company’s offering, a trading platform provides clients with quotes, a selection of instruments to trade, real Read this Term. All these moves came as a response to the continued invasion of Ukraine by the Russian military.

“The Russian invasion of Ukraine brought violence and disorder to the people of Ukraine,” Vitaly Kedyk, the Chief Executive Officer at Currency.com Ukraine, said in a statement.

“We condemn the Russian aggression in the strongest possible terms. We stand with Ukraine and everyone who denounces this terrible war. In these circumstances, we can no longer continue to serve our clients from Russia.”

Currency.com is operating from its offices in London, Gibraltar and Vilnius. Additionally, the platform confirmed that its decision to pull out from Russia would not affect its services in other countries and regions.

The decision by Currency.com, which is a sister company of Capital.com, came when the platform was witnessing a massive surge in demand. Its client numbers increased by 130 percent in the first six months of 2021, Finance Magnates reported earlier.

Response to the Russian Aggression

The Russian aggression inside Ukraine’s territory started in late February that followed a barrage of sanctions from the Western governments. These sanctions not only shook the Russian economy but also forced foreign companies with operations in Russia to consider their presence.

Several financial services companies started by suspending the process of onboarding new Russian clients, but they are now suspending their operations entirely from the country and also Belarus, which is the only European ally of Russia.

Denmark-headquartered Saxo Bank recently stopped all services in Russia and Belarus. Other companies like Dukascopy Bank and JustForex also halted their services in these two countries earlier. These are only the trading companies as dozens of other foreign financial and other companies have stopped providing their services in Russia.