Blockchain.com reports blocking Russia-linked addresses

So far the platform only blocks custodial accounts

14.10.2022 - 07:30

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2 min

What’s new? Blockchain.com, a blockchain explorer and cryptocurrency wallet service, began blocking Russian users in accordance with the EU's eighth sanctions package. The letter, which was sent to some customers of the platform, says that they only have until October 27 to withdraw funds, after which their accounts will be blocked. Meanwhile, the accrual of rewards for Russian users has already been stopped. The notice also notes that the blocking will only affect custodial accounts.

More about the situation. On October 6, EU authorities completely banned crypto companies from serving Russians, regardless of the sum of assets on their accounts. Representatives of the cryptocurrency exchange Binance said that they have not yet received confirmation of the tightening of the rules and noted that if it is necessary to comply with the new restrictions they will allow customers from Russia to withdraw their funds from the platform. The exchange Huobi Global has no plans to impose restrictions against Russian users.

At the same time, NFT platform Dapper and Finnish cryptocurrency exchange LocalBitcoins have already supported the sanctions by freezing the assets of Russians — the company will allow customers from Russia to withdraw funds, after which they will block their accounts.

To find out which other platforms started to comply with the sanctions and where Russians can withdraw their assets, see GetBlock Magazine's article.

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