Several crypto exchanges reportedly block Russian users because of EU sanctions
Several crypto platforms such as Blockchain.com, Crypto.com and LocalBitcoins have reportedly banned Russian users from using their services, citing new European Union sanctions.
media report Blockchain.com has given Russian users until October 27 to withdraw all funds, after which the accounts will be blocked. The crypto firm said its decision was related to new sanctions imposed on Russia by the European Union.
Crypto.com has also reportedly sent emails to affected users notifying them of their compliance with the new sanctions.
The EU introduced a new wave of sanctions against Russia on October 6th. The sanctions are designed to weaken Russia’s industrial capacity to continue the war in Ukraine, according to the European Commission. This has forced some cryptocurrency companies like Dapper Labs to cut ties with the state.
On the other hand, the Russian government has also recently Added Meta, the parent company of Facebook and Instagram, has been added to the list of “terrorist and extremist” organizations. The government also blocked his IP from crypto firm OKX on Oct. 4 for no reason.
