Localbitcoins, Crypto, Other Providers Suspend Services for R | Crypto Sale
Localbitcoins, Crypto, Other Providers Suspend Services for Russians Under EU Rules
Complying with the latest EU sanctions targeting Russia, well-known cryptocurrency platforms like Localbitcoins, Blockchain, and Crypto have started to restrict or terminate services for Russian accounts. The moves follow the adoption of new European penalties in response to Moscow’s military escalation in Ukraine.
About a week after the European Union introduced another set of measures aimed at hurting Russia’s economy and finances, including its access to the crypto market, a number of service providers in the industry have taken steps to comply with the new requirements. In April, the bloc banned only high-value services, those for digital assets exceeding €10,000 in value ($11,000 at the time). Last Thursday, Brussels prohibited the provision of all crypto-related services to Russian residents and entities, regardless of the amount.
Localbitcoins, the peer-to-peer exchange platform, has recently told Russian citizens it can no longer offer them its services, Forklog reported. The only exception that can be made is for persons that also hold a passport issued by a country from the European Economic Area (EU member states plus Iceland, Liechtenstein, and Norway) and Switzerland, those who have a permanent residence permit in these jurisdictions.
