Kraken bars Russian users from registering accounts

Cryptocurrency exchange Kraken has barred users from Russia from registering accounts, and restricted accounts \”based in Russia.\” ForkLog was told this by the platform’s support service.

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The company described the measure as temporary, but stressed that they \”cannot guarantee anything.\”

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A support representative explained to ForkLog that existing Russian customers can deposit and withdraw cryptocurrencies — the permissible volume of operations depends on the level of KYC. They also have the ability to trade digital assets.

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Simultaneously, Russian users were barred from fiat on- and off-ramp operations and from purchasing digital assets with traditional currency.

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Kraken stressed that the measures are linked to EU sanctions policy, which \”at the moment does not require freezing assets from Russia.\”

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According to the statement, the exchange barred Russian citizens from registering on the platform as of October 14. Restrictions for existing clients took effect on October 20.

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Earlier, on 6 October, the European Union approved the eighth package of sanctions against Russia, which banned Russians from owning cryptocurrency wallets in the eurozone.

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Russian citizens and residents will also be unable to create accounts or hold digital assets in the EU, irrespective of the deposit size.

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Earlier, ForkLog reported that refused to work with Russian users LocalBitcoins, Blockchain.com and a number of other companies.

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