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.

Journalist at CryptoSlate

Oluwapelumi believes in the transformative power of Bitcoin and the blockchain industry.

Connect your wallet, trade with Orion Swap Widget.

Directly from this Widget: the main CEX + DEX added through Orion. No account, global access.

Obtain a Edge in the Cryptomarket 👇

Become a member of CryptoSlate Edge and get access to our exclusive Discord community, plus exclusive content and analysis.

chain analysis

Pricing Snapshots

More context

Join now for $19/month Explore all the benefits

Disclaimer: The opinions of our writers are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please perform your own due diligence before taking any action related to the content of this article. Finally, CryptoSlate is not responsible if you lose money trading cryptocurrencies.



This post Several Crypto Exchanges Reportedly Blocking Russian Users Due to EU Sanctions

was published first on https://cryptoslate.com/several-crypto-exchanges-reportedly-block-russian-users-because-of-eu-sanctions/

Author

Write A Comment