Several cryptocurrency platforms such as Blockchain.com, Crypto.com, and LocalBitcoins have reportedly banned Russian users from using their services, citing new European Union sanctions.
Media reports said that Blockchain.com gave its Russian users until October 27 to withdraw all of their funds, after which their accounts would be locked. The crypto firm said that its decision was linked to the new sanctions imposed on Russia by the European Union.
Crypto.com also reportedly sent emails to affected users, informing them of their compliance with the new sanctions.
The EU introduced a new wave of sanctions against Russia on October 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 companies like Dapper Labs to cut ties with the country.
Meanwhile, the Russian government also recently added Meta, the parent company of Facebook and Instagram, to a list of “terrorist and extremist” organizations. The government also blocked the IP of crypto firm OKX on Oct. 4 for no reason.
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