Several crypto exchanges reportedly block Russian users because of EU sanctions News ▸ EU · Russia ▸ Bitcoin ▸ Regulation
Several crypto exchanges reportedly block Russian users because of EU sanctions
Blockchain.com has set an October 27 deadline for its Russian users to withdraw their funds.
1 min read
Updated: Oct. 14, 2022 at 5:26 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Several crypto platforms like Blockchain.com, Crypto.com, and LocalBitcoins have reportedly banned Russian users from using their services, citing the new European Union sanctions.
Media reports said that Blockchain.com gave its Russian users until Oct. 27 to withdraw all of their funds, after which their accounts would be blocked. The crypto company said that its decision was tied to the new sanctions imposed on Russia by the European Union.
Crypto.com also reportedly sent emails to the affected users, informing them of its compliance with the new sanctions.
The EU introduced a new wave of sanctions on Russia on Oct. 6. According to the European Commission, the sanctions are designed to weaken Russia’s industrial capacity to continue its war in Ukraine. This has forced several crypto firms like Dapper Labs to cut ties with the country.
Meanwhile, the Russian government had also recently added Meta – the parent company for Facebook and Instagram – to a list of “terrorist and extremist” organizations. The government also blocked the IP of crypto company OKX on Oct. 4 without reason.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
Meta
Meta (formerly known as Facebook, Inc.) is an American online social media and social networking service company based in Menlo Park, California.
Blockchain.com
Blockchain, Inc develops software platform for digital assets.
Crypto.com
Crypto.com was founded in 2016 on a simple belief: it’s a basic human right for everyone to control their money, data and identity.
