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HomeLaw & PoliticsBlockchain.com to soon cease Russian accounts by October end

Blockchain.com to soon cease Russian accounts by October end

Blockchain.com, a provider of cryptocurrency wallets, is the most recent business that will  stop offering its services to Russian citizens as a result of the  recent EU sanctions. Blockchain.com has warned its customers that it will terminate Russian nationals accounts in two weeks, according to the local news source RBC on October 14.

According to the report, Russian customers will be able to withdraw their funds until October 27, 2022. Russian nationals’ accounts are expected to be blocked after that date.

In accordance with the EU’s ninth set of sanctions against Russia, Blockchain.com is presently forbidden from offering custody and incentive services to Russian residents, according to the statement.

Unlike prior sanctions, which limited cross-border crypto transfers between Russia and the EU to about $9,700, or 10,000 euros, the latest package prohibits any cross-border crypto payments between Russians and the EU. The new restrictions went into effect on October 6.

The services provided by Blockchain.com are not restricted to custodial services. Blockchain.com also operates a noncustodial wallet, which is intended to provide customers complete ownership over their assets while preventing the company from seeing the wallet’s data. Along with the noncustodial wallet, Blockchain.com offers custodial trading accounts that allow users to purchase and sell cryptocurrency on the platform.

It is unclear whether Russian clients will be able to access their noncustodial Blockchain.com wallets. 

Dapper Labs, a Canada-based NFT marketplace, terminated accounts with Russian ties earlier this week. This covered all platform purchases, sales, withdrawals, and gifting.

Other exchanges, like Binance and Coinbase (NASDAQ:COIN), have not yet declared a ban on Russian accounts, though online sentiment suggests that action similar to that of Blockchain.com may be taken soon.

Recognizing the impending threat that the sanctions pose to its financial system, Russia has increased its crypto-related operations in an attempt to avoid the western prohibitions.

Anatoly Aksakov, Head of the Financial Committee in Russia’s lower house of parliament, stressed the importance of a digital ruble and its role in evading sanctions last month.

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