Blockchain.com Will Close Russian Crypto Accounts Due To EU Sanctions
In a message to its subscribers, Blockchain.com, a cryptocurrency wallet, said that it will prohibit the accounts of Russian citizens beginning on October 27, 2022.
Due to the most recent sanctions issued by the European Union, Blockchain.com will no longer provide this service.
However, until October 27, 2022, the wallet platform provider will continue to enable Russians to withdraw their assets. After that date, there will be no way to retrieve the funds since the accounts would be frozen.
The letter’s statement emphasized that Blockchain.com is now barring custody and incentive services for Russian citizens, in compliance with the EU’s eight-pack of sanctions against Russia.
The previous restrictions restricted crypto payments between Russia and the EU to 10,000 rubles ($9,700). The most current legislation prohibits any crypto transactions between Russia and the European Union.
The Dapper, a Canadian NFT marketplace, has terminated the accounts of Russian citizens. Dapper has disabled the purchase, sale, exchange, and withdrawal of tokens and assets from Russian-linked accounts. However, the accounts are not yet deactivated.
In addition, LocalBitcoins, a cryptocurrency exchange, has discussed similar intentions to impose limits. The limitation said that Russian consumers may only withdraw cryptocurrency in a single transaction.
Several other prominent exchanges and peer-to-peer platforms, including Crypto.com and Coinbase, are attempting to comply with the penalties.
Along with these exchanges, Binance, the biggest cryptocurrency exchange in the world, has opted to comply with penalties. Currently, Binance is working to apply these additional limitations for Russian citizens.