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In accordance with the latest EU sanctions against Russia, well-known cryptocurrency platforms such as Localbitcoins, Blockchain.com and Crypto.com have started limiting or terminating services for Russian accounts. The measures follow the adoption of new European sanctions in response to Moscow’s military escalation in Ukraine.
About a week after the EU introduced a new set of measures aimed at harming Russia’s economy and finances, including access to the crypto market, a number of service providers in the industry have taken steps to comply with the new requirements. In April, the bloc banned only high-value services, those for digital assets exceeding €10,000 in value ($11,000 at the time). Last Thursday, Brussels banned the provision of all crypto-related services to Russian residents and entities, regardless of the amount.
Localbitcoins, the peer-to-peer exchange platform, has recently told Russian citizens that it can no longer offer them its services, Forklog reported. The only exception that can be made is for people who also have a passport issued by a country from the European Economic Area (EU member states plus Iceland, Liechtenstein and Norway) and Switzerland, those who have a permanent residence permit in these jurisdictions.
The cryptocurrency sale also revealed that wallet operator Blockchain.com has sent out a message informing customers that due to the EU sanctions, it is unable to provide custody and reward services to Russian citizens. The company has asked affected users to withdraw their funds by October 27, after which date their accounts will be blocked.
The crypto news page of the leading Russian business portal RBC, which confirmed this development, also posted about Crypto.com’s decision to add Russia to the list of countries whose citizens cannot benefit from its services. The crypto exchange, with over 50 million claimed users, is registered in Singapore but recently announced its intention to establish a regional headquarters in Paris, France.
Another exchange that plans to introduce restrictions is Bitmex. US-based Coinbase assured that it complies with all relevant laws and regulations in the jurisdictions in which it operates. Service providers from other sectors of the crypto industry have already done so as well. For example, Dapper Labs suspended non-fungible tokens (NFTs) operations for Russian accounts. British fintech Revolut does not work on the Russian market at all.
However, not all global crypto platforms are compliant with the new European rules. As a recent report unveiled, major exchanges are still accessible to Russians. These include Huobi, which said it maintains stable trading for Russian users, FTX, which operates from the island nation of Antigua and Barbuda, as well as Seychelles-registered Okx, Kucoin and Mexc Global. The regional leader, Exmo, sold its Russian operations to a local supplier this spring, and Exmo.me remains active in Russia.
Do you expect other crypto platforms to comply with the European sanctions against Russia? Tell us in the comments section below.
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