In compliance with the latest EU sanctions targeting Russia, well-known crypto platforms such as Localbitcoins, Blockchain.com and Crypto.com have begun to restrict or terminate services for Russian accounts. The moves come after Europe approved new sanctions in response to Moscow’s military escalation in Ukraine.
Major Cryptocurrency Platforms Follow EU Measures, Restricting Service to Russian Users During Ukraine War
About a week after the European Union introduced a series of other measures aimed at hurting Russia’s economy and finances, including access to the cryptocurrency market, several service providers in The industry has taken steps to comply with the new requirements. In April, block forbidden only high-value services, those for digital assets with a value in excess of €10,000 ($11,000 at the time). Last Thursday, Brussels Prohibit the provision of all crypto-related services to residents and institutions of Russia, regardless of quantity.
Localbitcoins, the peer-to-peer exchange platform, recently informed Russian citizens that it could no longer provide services to them, Forklog reported. The only exceptions that can be made are for holders of passports issued by a country from the European Economic Area (EU member states along with Iceland, Liechtenstein and Norway) and Switzerland, permit holders to reside permanently in these jurisdictions.
The crypto news outlet also revealed that wallet operator Blockchain.com has sent out a notice telling customers that due to EU sanctions, they are unable to offer custodial services and rewards to citizens. Russia. The company has asked affected users to withdraw their funds by October 27, after which date their accounts will be locked.
The crypto news page of Russia’s leading business portal RBC, which confirmed this development, also posted about Crypto.com’s decision to add Russia to the list of countries whose citizens cannot. take advantage of its services. Cryptocurrency exchange, with over 50 million claimed users, registered in Singapore but recently announced intends to establish a regional headquarters in Paris, France.
Another exchange that plans to introduce restrictions is Bitmex. US-based Coinbase ensures that it complies with all relevant laws and regulations in the jurisdictions where it operates. Service providers from other sectors of the crypto industry have also done it. Example: Dapper Labs prohibit works with non-fungible tokens (NFT) for Russian accounts. British fintech company Revolut does not operate in the Russian market at all.
However, not all global crypto platforms are compliant with the new European rules. As a recent report disclosure, the major exchanges are still for Russians. These include Huobi, which claims to maintain stable trading for Russian users, FTX, which operates out of the island nation of Antigua and Barbuda, as well as Okx, Kucoin and Mex Global registered with the Seychelles. The regional leader, Exmo, sold opened its business in Russia to a local supplier this past spring, and Exmo.me is still operating in Russia.
Do you expect other crypto platforms to comply with European sanctions against Russia? Let us know in the comments section below.
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