Coinbase exchange to restrict access to accounts of Russian users

The innovations will affect customers who keep more than €10 000 on their wallets

05.05.2022 - 15:25

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What’s new? On May 5, users from Russia received notifications from the support service of the Coinbase cryptocurrency exchange. They said that access to accounts would soon be restricted due to European sanctions. This is reported by Kommersant, citing financial consultant Isaac Becker.

Information on the Kommersant website

What do the notifications say? The new restrictions will affect Russian citizens, residents, and legal entities. Such users must withdraw their assets from the platform “by 8:01 Moscow time on May 31, 2022,” the notifications say. The exchange’s representatives also advise against transferring additional funds to Coinbase accounts, as they may be blocked amid sanctions restrictions.

What events happened before? In early March, Coinbase chief legal officer Paul Grewal reported the support for economic sanctions against the Russian Federation. The platform implements a multi-layered program of global sanctions. Individuals and entities who were subject to sanctions and those who evade them have been blocked.

On 21 April, the Binance cryptocurrency exchange imposed restrictions on Russian users as part of the fifth package of EU sanctions. For accounts with an amount exceeding €10 000, only the withdrawal function is available. All positions have 90 days from the publication of the announcement to be closed.

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