British Virgin Islands, Road Town–(Vehement Media – March 22, 2022) – BitWell outright rejects Japan’s Financial Services Agency’s order to impose economic sanctions on Russian users.

Recently, Japan’s Financial Services Agency and Ministry of Finance issued administrative orders to cryptocurrency exchanges, requiring the platforms to prohibit the transfer of assets for the targets of economic sanctions. 


  1. Do not transfer crypto assets to the address of a person subject to measures such as asset freezing; 
  2. Report to the authorities in a timely manner if the recipient of a crypto asset transfer is a person subject to freezing; and 
  3. Increase monitoring of crypto asset transactions with Russia.

The BitWell party then stated that it would simply refuse to execute this order and would not report any personal assets and identity data within the exchange to the Japanese Financial Services Agency and the Ministry of Finance. 

Since the outbreak of war and conflict between Russia and Ukraine, the Western world has imposed massive sanctions on Russia, freezing foreign exchange reserves, stopping Mastercard and Visa services, memoval from the SWIFT system, etc., and even extending to the field of encryption. At this time, Japan’s Financial Services Agency and Ministry of Finance issued this order, undoubtedly wanting a piece of the action as well, imposing restrictions on the legitimate assets of normal Russian users, contrary to the principle of fairness.

Today, the arbitrary blocking and looting of user assets in some countries and the increasing injustice are contrary to BitWell’s vision. With the recent influx of registered users from Russia, BitWell has decided to waive transaction fees and provide exclusive customer support services for all users from Russia during the war.

BitWell upholds the principle of privacy and inviolability of private assets and will never allow the legitimate rights of Russian users to be plundered without reason. The platform will continue to uphold privacy, fairness and freedom and will not freeze any Russian users’ assets and will always be with its users.

Media Contact:
BitWell Technology Limited

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