Crypto exchange Kraken imposes restrictions on citizens of the Russian Federation

In this, the platform will allow Russian clients to withdraw their funds

20.10.2022 - 10:15

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2 min

What’s new? US cryptocurrency exchange Kraken has begun to comply with the eighth package of EU sanctions, completely prohibiting the service of users from the Russian Federation. In the letter that the company sent to Russian clients, it is noted that restrictions have been imposed on their accounts. In this, the exchange will leave the option of withdrawing assets, to do this, it is necessary to contact the support service.

About Kraken. The exchange was registered in the United States in 2011. The founder and CEO is Jesse Powell. Due to a conflict with employees, he will leave his post in the coming months. There are 203 coins and 634 currency pairs available for trading on the platform. Kraken has more than 8 million traders worldwide as clients. As of October 20, the daily trading volume is $377,2 million, according to aggregator CoinGecko.

More details about sanctions. Restrictions on Russian users have already been imposed by NFT platform Dapper, exchanges Cryptopay, LocalBitcoins, and Crypto.com, as well as wallet manufacturer Ledger— it stopped shipping devices to the Russian Federation. Managing partner of GMT Legal Andrey Tugarin recommended that Russians withdraw funds from centralized platforms licensed in the EU.

To find out which exchanges impose restrictions on customers from the Russian Federation and how the new sanctions will affect users of hardware wallets, see GetBlock Magazine’s materials.

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