While most trading denominated in Russia rubles has been taken place on Hong Kong-based Binance, even popular US exchanges like the publicly traded Coinbase have refused to cut off all Russian users - at least, for the moment.

And for the first time since this "controversy" first emerged, Coinbase CEO Brian Armstrong has spoken up to offer an explanation. And that explanation is that millions of ordinary Russians are now using crypto "as a lifeline" to preserve their hard-won assets during a time when the Russian ruble, and other Russian assets, are being mercilessly devalued.

"Some ordinary Russians are using crypto as a lifeline now that their currency has collapsed. Many of them likely oppose what their country is doing, and a ban would hurt them, too," Armstrong said.

As Armstrong pointed out, Coinbase is obligated to comply with US sanctions, like any other US-based business. But until sanctions stipulate otherwise, the exchange will continue providing services to the Russian people (excluding those whose names have wound up on the US Treasury's sanctions list).

And bitcoin's public blockchain, a feature of most cryptocurrencies, makes it an ill-suited avenue for Russian oligarchs looking to protect their billions, he added.