Cryptopay exchange will stop servicing customers from the Russian Federation starting October 21

The decision was made in connection with the new EU sanctions, according to which crypto companies are completely banned from working with Russian users

17.10.2022 - 14:10

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2 min

What’s new? On October 21, the centralized cryptocurrency exchange (CEX) Cryptopay will stop providing services to users from Russia. The platform supported the eighth package of EU sanctions, which completely prohibits cryptocurrency companies from serving customers from Russia, regardless of the sum of assets on their accounts. The company's representatives told the Izvestia publication about it.

Information on the website of Izvestia

More about the restrictions. The exchange team noted that the customers will be able to withdraw funds to another wallet in any digital currency until October 21. After that date, all funds will be converted to euros and will remain in the wallets. Withdrawals will be possible only to a personal bank account in the European Economic Area or the EU with the help of customer service. The company stressed that withdrawal to a card or another person's account will be impossible.

Also, the platform stopped the registration of new users from Russia. Now the services of Cryptopay can only be used by citizens of the Russian Federation, who live in the European Economic Area, the European Union, and the UK. To gain access to the exchange, it is necessary to provide a residence permit in one of these countries.

Which platforms have already restricted service? Blockchain explorer and cryptocurrency wallet service Blockchain.com will start blocking the accounts of Russians on October 27, until then, they can withdraw their funds. Accrual of rewards has already been terminated. Users of the Crypto․com exchange also received notifications about the termination of service. NFT-marketplace Dapper blocked the assets of Russians with no possibility of withdrawal.

Ledger, a manufacturer of hardware cryptocurrency wallets, stopped shipping to Russia and Belarus. Previously, the company sold devices on marketplaces Ozon and Wildberries.

To find out which exchanges are imposing restrictions on customers from Russia and how the new sanctions will affect users of hardware wallets, see GetBlock Magazine's articles.

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