Cryptocurrency platform Blockchain.com stopped working with Russian users. The exchange, which provides access to the storage of cryptocurrencies on wallets, monitoring of transactions in blockchains, exchange and purchase of digital assets for fiat, will no longer offer its services to citizens of the Russian Federation.
Exchange users began to receive messages stating that due to the new EU sanctions, the platform no longer has the ability to provide custodial services and rewards.
All users from the Russian Federation are recommended to withdraw their deposits by October 27 this year. From October 28, all accounts will be blocked. The accrual of rewards has already been stopped. They can be removed until October 27. The exchange promises to keep Russian users informed of the ongoing regulatory changes and thanks for your understanding.
On what basis Blockchain.com blocked the Russian users?
As indicated in the official letters sent to clients from the Russian Federation, the exchange complies with the decision of the European Union. The 8th package of sanctions included a ban on servicing Russian users with exchanges that have European licenses. So far, large platforms, such as Binance, have not hindered the work of citizens of the Russian Federation.
The expert community is skeptical about the restrictions imposed by the EU. There are many exchanges on the market that continue to provide services for trading and exchanging cryptocurrencies for Russians without restrictions. They are not going to impose sanctions against them, on the contrary, they will only be happy to increase the audience.
Will other sites impose restrictions?
Perhaps several more sites will also block the accounts of Russians. But they can easily switch to other exchanges, where they will also be able to engage in operations with cryptocurrencies, without worrying that their accounts will be deactivated.