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Animoca Brands among one of the few firms to suspend Russian services to comply with sanctions

Animoca Brands, a company based in Hong Kong, has become one of the first cryptocurrency companies to suspend services for Russian consumers complying with the financial sanctions placed on Russia as a result of its invasion of Ukraine.

Countries all around the world are imposing financial sanctions on Russia for its invasion of Ukraine. Animoca subsidiaries Gamee and Lympo are also compelling these sanctions. Gamee and Lympo will cease serving their Russian consumers, while the number of local customers is insignificant enough to have an influence on the company’s bottom line.

Last week, Gamee announced the termination of its services for Russians, while Lympo ceased publishing non-fungible tokens (NFTs) of Russian sportsmen and ceased all current discussions.

Some exchanges have joined the sanctions on Russia while the majority of exchanges, including big crypto platforms such as Binance and Kraken, have restrained themselves from complying with the sanctions. Jesse Powell, CEO of crypto exchange Kraken, emphasised that his exchange can only suspend the accounts of Russian customers if a government requires it, recalling what happened in Canada during the Freedom Convoy trucker protest.  

Animoca, a blockchain gaming and NFT startup, will likewise halt selling shares to Russian investors now that the nation has been sanctioned.

 

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Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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