Blockchain.com to Restrict Accounts of Russian Users
- Blockchain.com has warned Russian users that it will soon terminate support for its custodial and rewards services in the area.
- The company gave Russian nationals until 27 October to withdraw all their assets from the platform, after which their accounts will be closed.
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Wallet provider Blockchain.com has notified its Russian users that its services will no longer be available in the region due to the latest European Union sanctions, local news outlet RBC reported on 14 October.
According to the publication, yesterday Blockchain.com sent out emails to its users informing them that it will no longer provide custodial and rewards services to Russian nationals. The company gave Russian users until 27 October to withdraw all their funds and assets from the platform, after which their accounts will be blocked.
The wallet provider emphasized that these restrictions are put in place in accordance to the government sanctions recently issued by the European Union. Last week the EU introduced its eighth package of economical and political sanctions against Russia, which unlike previous restrictions — that capped crypto transactions to €10,000 — put a complete ban on all cross-border crypto payments between the EU and Russia. The European Commission said at the time:
“The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet.”
While the company will soon limit its custodial and reward services to Russia, there was no mention of restrictions on its non-custodial wallet — designed to give users full control over their assets — and it remains unclear if Russian users will still be able to use it after 27 October.
Blockchain.com is not the only crypto company to add restrictions to its Russian users after the new set of EU sanctions. Earlier this week, NFT company Dapper Labs — which created CryptoKitties and the Flow blockchain — also suspended all Russian accounts, though it added that while the affected users are unable to access or transfer their NFTs, they still owned them.
- The popular crypto exchange has decided to sell its business in Russia to CommEX, a crypto exchange business that was officially launched on Tuesday.
- Binance noted that it will fully exit the Russian market, and have no ongoing revenue split or any option to buy back shares in the business.
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- The legislation that aims to create a consistent regulatory framework for crypto assets among the EU member states has been added to the EU’s Official Journal.
- The move has started the clock on when the new crypto rules will be applied, with MiCA coming into full force on 30 December, 2024.
- The Economic and Financial Affairs Council of the EU, which is comprised of finance ministers of all 27 member states, unanimously approved the MiCA crypto regulation.
- The EU’s finance ministers also also gave their consent to new measures that will allow tax authorities to collect data on individuals’ cryptocurrency holdings.