Report: Blockchain.Com Imposes Restrictions on Russian Users

Previously, the EU has prohibited any cryptocurrency payments from Russians to European wallet providers.

After Crypto.Com, Blockchain.Com, a crypto service platform, has declared intentions to ban Russian customers.

The firm informed its customers through email that it would ban Russian accounts. The action follows the European Union’s (EU) seventh sanctions package against Russia.

According to the most recent report from RBC, Russian customers have until October 27 to withdraw cash before their accounts are suspended.

The cryptocurrency wallet sent a message to its clients,

“As a result of EU sanctions, Blockchain.com is currently restricted from providing custodial and rewards services to Russian nationals. Blockchain.com is currently prohibited from providing custodial and rewards services to Russian citizens.”

However, the business did not indicate if Russian customers would maintain access to their non-custodial wallets.

Crypto.Com, which has previously discontinued offering its services to Russian citizens, provided no information about user withdrawals.

The EU put a blanket prohibition on offering crypto services to Russians as part of its tightening of sanctions.

After the February invasion of Ukraine, the bloc enacted the eighth round of economic and political sanctions on Russia, forbidding European crypto providers from offering their services to Russian individuals and companies.

Consequently, a number of sites have ceased supporting all Russian accounts. Dapper Labs, a renowned blockchain-based gaming startup, followed suit by prohibiting players from trading, purchasing, or giving its digital goods across all Dapper Sports. Additionally, withdrawals and balance purchases were disabled.