Blockchaincom closes crypto custody for Russians amid EU san | NFT / BTC / DEFI News 📣
Blockchaincom closes crypto custody for Russians amid EU sanctions.
Blockchaincom will soon shut down accounts of Russian nationals, while companies like Binance are also working to apply the new EU sanctions.
Crypto wallet provider Blockchaincom is the latest company to soon cease to provide services to Russian nationals due to the latest sanctions by the European Union.
Blockchaincom has notified its users that it’s going to shut down accounts of Russian nationals in two weeks, the local news agency RBC reported on Oct. 14.
According to the report, Blockchaincom will allow Russian users to withdraw their funds until Oct. 27, 2022. After that date, the accounts of Russian nationals are reportedly going to be blocked.
The statement emphasized that Blockchaincom is currently prohibited from providing custodial and reward services to Russian citizens in line with the EU’s eighth package of sanctions against Russia.
Unlike previous sanctions, which only limited Russan-EU crypto payments to around $9,700, or 10,000 euros, the latest package puts a blanket ban on cross-border crypto payments between Russians and the EU. The new sanctions were imposed on Oct. 6.
Blockchaincom’s services are not limited to custodial services. Blockchaincom also runs a noncustodial wallet, which ideally is designed to allow users to fully control their assets while the company has no access to the wallet’s data. In addition to the noncustodial wallet, Blockchaincom also runs custodial trading accounts, which allow users to buy and sell crypto on the platform.
It remains unclear whether Russian customers would be able to retain access to their noncustodial wallets on Blockchaincom. The firm did not immediately respond to Cointelegraph’s request for comment.
Blockchaincom is not the only platform to halt some services to Russians amid the latest sanctions. Major blockchain developer Dapper Labs also suspended Russian accounts due to the EU’s latest sanctions against Russia and its nationals.
According to online reports, many other major exchanges and peer-to-peer platforms, including Cryptocom, Coinbase and LocalBitcoins, are planning to comply with the sanctions as well. The companies did not immediately respond to Cointelegraph’s request for comment.
