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Blockchain.com announces plans to cut Russians from its services

Blockchain
TL;DR Breakdown
  • Blockchain.com announces plans to cut Russians from its services
  • The platform gives the traders two weeks’ grace
  • Exchanges continue to announce restrictions

Blockchain.com has announced that it will no longer service Russian clients on its exchange platform. The wallet provider is one of the few companies that have now obeyed the sanctions announced by the European Union. According to RBC, the platform has released a statement informing Russian nationals of its latest move. The statement gave the targeted users a timeline of the next two weeks before services to their respective accounts are cut short.

Blockchain.com announces two weeks grace

The report claims that users on the platform have a set deadline which will expire on October 27, to take all their funds away from the platform. After the deadline, their accounts will be temporarily suspended pending a new directive. The exchange specifically noted that with the new array of sanctions meted out by the EU against Russia, Blockchain.com has no other option but to obey the directive. The new sanctions, which were announced weeks ago, saw the EU ban all crypto transactions and services offered to Russian nationals by companies in the region. Before that, the Union announced a ban on transactions exceeding $9,700 into the country.

Exchanges continue to announce restrictions

Blockchain.com offers an array of services on its website, including custodial and non-custodial wallet storage. While the custodial storage allows the platform to hold the keys to the user’s wallets, its non-custodial wallet option allows users to take charge of their accounts. This means that the exchange doesn’t have any control over the options of such users. Meanwhile, holders of the custodial accounts can sell, trade, and buy digital assets of all varieties on the platforms while storing them under their watch. Although the statement targeted all Russian accounts, it remains unclear if non-custodial wallet holders would be affected.

Asides from Blockchain.com, platforms like Dapper Labs have also announced a halt in services to its Russian-based users. Platforms like Crypto.com have also indicated that they would follow suit in the coming days. Localbitcoins effected its restrictions on October 7, with Russian users cut off from both wallet services and general trading on the platform. Beforehand, the platform had massive backing from its Russian customers, with more than 8% of its volume coming from the region. Binance is also looking for ways to make sure it offers its Russian clients the best way out before following suit with the directive from the EU. However, Bitfinex has fought back against the sanctions against regular Russian traders.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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