US cryptocurrency exchange Coinbase Global will continue to block accounts and transactions of Russian clients targeted by sanctions, but it stopped short of banning all users from the country.
"At this time, we will not institute a blanket ban on all Coinbase transactions involving Russian addresses," a Coinbase spokesperson said.
Binance, the world's biggest crypto exchange, has also said it would not freeze all Russian accounts, after Ukraine requested major crypto exchanges for a complete ban.
Western countries including the United States and Britain have imposed sweeping financial sanctions on Russia for invading Ukraine, with major Russian banks shut out of the SWIFT international payments system.
Trading volumes between the Russian rouble and the Tether cryptocurrency spiked sharply on Monday, indicating rising interest in crypto among Russians after the Western sanctions took a toll on the local currency.