Russians banned by Crypto Service Providers Amid Recent Sanctions.
- Blog
- October 17, 2022
Russians banned by Crypto Service Providers Amid Recent Sanctions.
Many service providers in the industry have made efforts to adhere to new restrictions levied a week after the European Union approved a new set of sanctions to impair Russia’s economy and finances and its access to the crypto market.
In April, the bloc restricted high-value services only, those for digital assets worth more than €10,000 ($11,000.) The EU has prohibited the sale of crypto-related services to Russian citizens or companies as of Thursday.
Localbitcoins, the peer-to-peer trading platform, has informed Russian residents that it would no longer offer services to them.
Blockchain.com, a wallet operator, has also notified users that owing to EU restrictions, it can no longer provide custodial or rewards services to Russian citizens. Users can withdraw their money by October 27 before their accounts are frozen.
Russia’s most popular business website, RBC, also confirmed that Crypto-com had added Russia to the list of nations to which it would no longer provide services. Another marketplace, Bitmex, is also about to implement new limits. Coinbase has guaranteed that it adheres to all rules and regulations in each country it conducts business.
Many other crypto service providers have done this already. Non–fungible token (NFT) services have also been temporarily halted for Russian users. Revolut, a British financial technology company, is completely ineffective in the Russian market.
