Russian users of the P2P platform LocalBitcoins and the operator of cryptocurrency wallets Blockchain.com have received notices of the termination of services in connection with the new EU sanctions. ForkLog confirmed this with the companies’ support teams.
Blockchain.com provided the possibility to withdraw deposits by October 27, after which it will block the accounts. Accrual of rewards has already been suspended, but their current balance can be withdrawn before the block.
LocalBitcoins did not specify concrete timelines for the restrictions, but noted that citizens and residents of the EEA or Switzerland will be able to continue using the platform’s services.
ForkLog has requested comment from other major crypto companies.
The cryptocurrency exchange Binance did not respond to the request. However, in support we were told that at present the exchange \”has not introduced any new restrictions\” and there are \”no changes in the existing communications with Russian users\”.
“As for funds, they are safe and will certainly remain yours,” the support team added.
The cryptocurrency exchange Coinbase will comply with EU sanctions.
“Coinbase complies with all applicable laws and rules in the jurisdictions where it operates, including rules related to sanctions,” — a ForkLog spokesperson said.
The same reply was received from Crypto.com. The company emphasised that it will continue to “fully comply with all EU sanctions”.
BitMEX also intends to apply measures to restrict certain individuals and regions listed in sanctions lists.
Revolut explained that it does not provide services on the Russian market.
Huobi said that, should any restrictions be introduced, the platform will warn clients:
“[The exchange] continues to support stable trading for Russian users; our top priority is the security of user assets. If any restrictions are introduced, we will promptly inform users.”
KuCoin and Bybit did not respond to ForkLog’s inquiries.
In October, the EU approved the eighth sanctions package against Russia, which prohibited Russian citizens from owning cryptocurrency wallets in the eurozone.
Russian citizens and residents will also not be able to create accounts or hold digital assets in the EU regardless of the amount of the deposit.
Earlier, ForkLog spoke to experts who said that a ban on European crypto firms from serving Russian users would be quite critical for the latter.
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