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- In April, the bloc banned only high-value services
- The company has asked affected users to withdraw their funds
- After 27th their accounts will be blocked
Numerous well-known cryptocurrency platforms, including Localbitcoins, Blockchain.com, and Crypto.com, have begun to restrict or terminate services for Russian accounts in accordance with the most recent sanctions imposed by the EU against Russia.
The bloc only outlawed high-value services in April—those for digital assets with a value of more than €10,000 (roughly $11,000 at the time).
Dapper Labs suspended operations with NFTs for Russian accounts
The provision of any and all crypto-related services to Russian individuals and entities, regardless of the amount, was outlawed by Brussels on Thursday. According to Forklog, the peer-to-peer exchange platform Localbitcoins recently informed Russian citizens that it is unable to provide them with its services.
Persons who also hold passports issued by countries in the European Economic Area (EU member states plus Iceland, Liechtenstein, and Norway) and Switzerland, as well as those with permanent residence permits in these jurisdictions, are the only exceptions.
Additionally, Blockchain.com, a wallet provider, informed customers that it is unable to provide custodial and rewards services to Russian citizens as a result of EU sanctions, according to the crypto news outlet. Users who have been affected by the situation are required to withdraw their funds by Oct. 27, failing which, their accounts will be blocked.
This development was confirmed by the crypto news page of the leading Russian business portal RBC, which also posted about Crypto.com’s decision to add Russia to its list of countries whose citizens cannot use its services.
The crypto exchange, which is registered in Singapore and claims to have more than 50 million users, recently announced that it will establish a regional headquarters in Paris, France.
Bitmex is another exchange that intends to impose restrictions.
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Exmo sold its Russian business to a local buyer
Coinbase, based in the United States, stated that it adheres to all applicable laws and regulations in the countries where it operates.
That has already been done by service providers from other parts of the crypto industry. Dapper Labs, for instance, stopped supporting Russian accounts with non-fungible tokens (NFTs). Revolut, a British fintech company, is failing miserably in the Russian market.
However, not every global cryptocurrency platform has adhered to the new European regulations. Major exchanges are still accessible to Russians, as recently revealed by a report.
These include FTX, which is based in the island nation of Antigua and Barbuda, Ok, Kucoin, and Mac Global, which are registered in the Seychelles, Huobi, which stated that it maintains stable trading for Russian users, and Mexc Global. Although Exmo.me is still operating in Russia, the regional leader sold its Russian business to a local vendor in the spring.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
