Blockchain.com to Forbid Russians from Accessing their Accounts by Month End
In a letter to its subscribers, Blockchain.com said that beginning on October 27, 2022, it would limit the accounts of Russian nationals. This measure was made in response to the most recent sanctions imposed by the European Union.
On October 27, 2022, the wallet provider for Russians will be stopped. However, they will continue to be allowed to withdraw cash until then. In a recent letter, Blockchain.com informed its clients that, as a result of the EU’s seven-pack of sanctions on Russia, it would no longer provide custody and reward services to Russian citizens. Previously, crypto transfers between Russia and the EU were limited to 10,000 rubles ($9,700). All crypto transactions between Russia and the European Union are prohibited under the most recent regulations.
This month, these punishments were applied. The Dapper, a cryptocurrency exchange established in Canada, has blocked the accounts of Russian users. The ability to buy, trade, exchange, and withdraw coins from accounts related with Russia or IP addresses originating in Russia has been disabled by Dapper. The closure has no impact on stored assets, though.
LocalBitcoins, a bitcoin exchange, is apparently considering imposing client limitations. The restriction says that Russian clients may only withdraw bitcoins in a single transaction, and no subsequent withdrawals are authorized once the transaction is complete.
Numerous larger exchanges, including as Crypto.com and Coinbase, are striving to comply with fines. The largest cryptocurrency exchange in the world, Binance, has decided to implement these extra restrictions for Russian nationals. Blockchain.com’s wallet services provide more than simply custodial services. The wallet is equipped with a non-custodial wallet that allows users to handle their assets without having access to the wallet’s data.
Blockchain.com, a cryptocurrency exchange platform, has announced that its custodial trading account and non-custodial wallet would allow users to buy and sell cryptocurrencies on the platform. However, it is uncertain if Russian users would have access to their Blockchain.com wallets that are not held in custody. In the past, crypto exchanges such as Bitfinex resisted Russian crypto sanctions. Bitfinex has said that it would safeguard the accounts of all of its customers, however this stance might change if ordered by regulatory organizations.