The head of the London Stock Exchange Group said cryptocurrency exchanges are facing a "fork" over Russia. Cryptocurrency exchanges risk long-term harm to their industry by staying in Russia as Western governments seek to isolate Moscow

According to the head of the London Stock Exchange Group, unlike payment companies, most cryptocurrency exchanges have rejected calls to cut off all Russian users, which has raised concerns among European officials and US lawmakers, who fear that digital assets could be used to circumvent sanctions that the United States and Europe have piled on Moscow following its invasion of Ukraine.

Cryptocurrency exchanges are facing a "bifurcation": either adopting an ideology of independence from regulation, or aligning themselves more closely with the global financial system, which underscores the need for regulation and transparent frameworks," said David Schwimmer, LSEG's chief executive.