BlockchainCom Imposes Restrictions on Russia-Based Users: Report

After CryptoCom, the crypto service platform – BlockchainCom – has announced plans to restrict Russia-based users.

In an email to its users, the company is notified that it will block the accounts of Russians. The move comes after the European Union’s (EU) eighth package of sanctions against Russia.

• According to the news agency RBC’s latest reportRussian users have until October 27th to withdraw funds, following which the accounts will be blocked.
• The crypto wallet said in a statement to its customers,

“As a result of EU sanctions, Blockchain dot 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.”

• The company, however, made no mention of whether Russian users will be able to retain access to their non-custodial wallets.
• CryptoCom, which had already ceased to offer services to Russian nationals, did not provide any information on user withdrawals.
• Tightening its sanctions, the EU imposed a blanket ban on providing crypto services to Russians.
• The block established the eighth set of economic and political measures against Russia after the invasion of Ukraine in February, prohibiting services being offered by European crypto providers to Russian residents and entities.
• As a result, several platforms have stopped servicing all Russian accounts. The popular blockchain-based gaming company, Dapper Labs, also followed suit by suspending users from selling, buying, or gifting any of its digital collectibles across all Dapper Sports. Withdrawals and balance purchases were also shut down.