Bitstamp started blocking Russians without the possibility of withdrawing funds

The first reports of exchange users being blocked appeared on the Internet

05.05.2022 - 08:10

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What’s new? A Reddit user from Russia under the nickname jb64w reported that his account on the European exchange Bitstamp was blocked 2 weeks ago with no possibility to withdraw funds. The Russian claims that the platform’s tech support is referring to the events in Ukraine.

Post on Reddit

How did Bitstamp respond to the user? The exchange responded to the user’s question about his blocking as follows:

“In the light of the current events in Ukraine and the consequent regulatory directives, we’ve been required to disable your account’s deposit, trading, and withdrawal options. When we receive information from our regulatory partners that we can re-enable these functionalities on your account, we will let you know,” Bitstamp’s email says.

Source: Preview.redd.it

Redditor said that he demanded that the exchange provide an official notice from the authorities, but according to the user, “two weeks later, your support team cannot give me an answer, but is just playing for time.”

What happened before? In April, the Binance cryptocurrency exchange reported new restrictions for Russian users. Citing the fifth package of EU sanctions, the platform set a limit of €10 000 for crypto investors from Russia. If this amount is exceeded, all functions, except withdrawals, will be blocked.

In March, the representatives of the MetaMask cryptocurrency wallet announced support for sanctions against the Russian Federation. Russian users have already been completely blocked by the exchanges Kuna, WhiteBIT, and CEX.io.

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