Crypto exchanges face 'fork in the road' over Russia, LSE Group chief says

A representations of cryptocurrencies in this illustration taken, January 24, 2022. REUTERS/Dado Ruvic/Illustration

(Reuters) - Cryptocurrency exchanges are risking long-term damage to their industry for remaining in Russia as Western governments seek to isolate Moscow, the head of the London Stock Exchange Group said on Wednesday, calling it a "watershed moment."

Unlike payment companies, most crypto exchanges have rejected calls to cut off all Russian users, sparking concerns among European officials and U.S. lawmakers that digital assets could be used to circumvent sanctions the United States and Europe have piled on Moscow in the wake of its invasion of Ukraine.