Blockchain.Com To Close Russian Accounts After EU’s New Sanctions
Cryptocurrency wallet service company Blockchain.com has disclosed that it will start closing the accounts of its registered users from Russia. This comes after the European Union (EU) laid more sanctions against Russian and Russia-based businesses. Popular crypto exchange, Binance, has also announced that it will follow the new regulation starting next week.
The Crypto Sanction Against Russia
Although Blockchain.com is expected to start implementing the sanction, it is not the only crypto company to do so. Blockchain.com will stop allowing Russian citizens to use their platform after the EU announcement. The company has already messaged its users about the latest development, which officially starts in two weeks.
Thus, Russian users have until October 27th, 2022, to remove their funds from Blockchain.com. Otherwise, they will lose all the crypto in their wallet because they won’t be able to reaccess their wallets. The company has already stated that it has prohibited Russians from carrying out custodial transactions. This prohibition was due to the EU’s previous sanctions against Russia.
However, the sanctions were not as stiff as this new one because Russians were only limited to making crypto transactions of around $9,700 or 10,000 euros. But the new regulation has put a total ban on any form of crypto transactions between the country and other EU nations.
Other Platforms Following The New Sanction
Blockchain.com joins the growing list of cryptocurrency firms shutting down their services to Russians. Dapper Labs have already suspended Russian wallets and accounts because of the latest EU sanctions. Other crypto companies like LocalBitcoins and Crypto.com plan to comply with the sanctions and stop their services in Russia. A Crypto.com spokesperson revealed that they are fully committed to following the sanctions.
On October 7th, 2022, LocalBitcoins stopped Russian users from trading crypto on its platform and using its wallet services. Jukka Blomberg, a top-level executive of the platform, said: “As a result of the 8th EU-wide sanctions, we have to stop Russians’ activities completely on the LocalBitcoins platform.”
The recent sanction on Russian citizens has caused an increase of about 8% in users’ activities on the LocalBitcoins platform. Binance, the world’s largest crypto platform, is about to shut down services in Russia to comply with the new rules. A representative from the company said, “Changes like these take time to happen because we have to be careful and follow due process to coordinate with many techs and risk management partners.”
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