Several crypto exchanges reportedly block Russian users because of EU sanctions

Must read

CryptoSlate Wrapped Daily: Binance auditor confirms reserves, 3AC founders subpoenaed, and Crypto Twitter drama

CryptoSlate Wrapped Daily: Binance auditor confirms reserves, 3AC founders subpoenaed, and Crypto Twitter drama Liam 'Akiba' Wright · 9 hours ago...

Canada’s Biggest Pension fund CPPI dropped crypto investment plan amid unstable markets

Canada’s Biggest Pension fund CPPI dropped crypto investment plan amid unstable markets Soumen Datta · 10 hours ago · 1...

US DOJ charges former CTO of blockchain company for fraud scheme

US DOJ charges former CTO of blockchain company for fraud scheme Christian Nwobodo · 11 hours ago · 1 min...

ECB’s Fabio Panetta says crypto needs regulation to maintain stability

ECB’s Fabio Panetta says crypto needs regulation to maintain stability Christian Nwobodo · 12 hours ago · 2 min read...

Several crypto exchanges reportedly block Russian users because of EU sanctions Several crypto exchanges reportedly block Russian users because of EU sanctions Oluwapelumi Adejumo · 1 hour ago · 1 min read

Blockchain.com has set an October 27 deadline for its Russian users to withdraw their funds.

1 min read

Updated: October 14, 2022 at 5:26 pm

Several crypto exchanges reportedly block Russian users because of EU sanctions

Cover art/illustration via CryptoSlate

Xeggex

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.

More articles

Latest article

CryptoSlate Wrapped Daily: Binance auditor confirms reserves, 3AC founders subpoenaed, and Crypto Twitter drama

CryptoSlate Wrapped Daily: Binance auditor confirms reserves, 3AC founders subpoenaed, and Crypto Twitter drama Liam 'Akiba' Wright · 9 hours ago...

Canada’s Biggest Pension fund CPPI dropped crypto investment plan amid unstable markets

Canada’s Biggest Pension fund CPPI dropped crypto investment plan amid unstable markets Soumen Datta · 10 hours ago · 1...

US DOJ charges former CTO of blockchain company for fraud scheme

US DOJ charges former CTO of blockchain company for fraud scheme Christian Nwobodo · 11 hours ago · 1 min...

ECB’s Fabio Panetta says crypto needs regulation to maintain stability

ECB’s Fabio Panetta says crypto needs regulation to maintain stability Christian Nwobodo · 12 hours ago · 2 min read...

Research: Bitcoin held by miners sinks to 1 year lows; Poolin culpable

Bitcoin miners are facing a challenging time due to ongoing price uncertainty and global energy shortages.In addition, macro factors have conspired to raise the...