Crypto Service Providers Restrict Russians Amid Recent Sanctions

• Crypto.com had added Russia to the list of nations it would not provide service.
• Bitmex, another marketplace, will also implement new limits.

A number of service providers in the sector have made efforts to comply with the new restrictions imposed around a week after the European Union approved another set of sanctions intended at damaging Russia’s economy and finances, including its access to the crypto market. 

In April, the bloc only prohibited high-value services, defined as those for digital assets worth more than €10,000 ($11,000.) As of last Thursday, the EU has banned the sale of any crypto-related services to Russian citizens or companies.

Abiding by the Sanctions

According to a recent report by Forklog, the peer-to-peer trading platform Localbitcoins has informed Russian residents that it would no longer provide services to them.

It was also disclosed that Blockchain.com, a wallet operator, has notified its users that it is unable to provide custodial or rewards services to Russian citizens as a result of EU restrictions. Users who are impacted have been given until October 27 to withdraw their money before their accounts are frozen.

This was corroborated by the crypto news section of Russia’s most popular business website, RBC, which also reported that Crypto.com had added Russia to the list of nations whose people were prohibited from using the website.

Bitmex, another marketplace, will also implement new limits. Coinbase, headquartered in the United States, has guaranteed that it abides by all applicable rules and regulations in each of the countries in which it does business. Many other crypto industry service providers have previously done this. Non-fungible token (NFT) services, including those provided by Dapper Labs, have been temporarily halted for Russian users. Revolut, a British financial technology company, is completely ineffective in the Russian market.

Recommended For You:

Chainalysis Reports Crypto Activity Surge in Russia and Ukraine