EU imposes a ban on the maintenance of Russians’ crypto wallets

Citizens of the Russian Federation will not be able to create accounts or store digital assets, regardless of their amount

06.10.2022 - 10:40

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2 min

What’s new? The European Union has adopted the eighth package of sanctions against Russia, tightening existing restrictions on the use of digital assets. The EU authorities have imposed a complete ban on the maintenance of all crypto wallets and accounts, as well as crypto asset custody services for Russian users, regardless of their amount, the European Commission’s website says.

The European Commission’s website

What happened before? In early March, Europe announced restrictions against Russia that affected the cryptocurrency industry. On April 8, the EU imposed the fifth package of sanctions against Russia, which limited Russian residents’ investments in digital assets to €10 000. On April 21, crypto exchange Binance also imposed restrictions on Russian users as part of compliance with the EU’s order.

It became known at the end of September that the EU plans to ban crypto services from providing services to Russians. However, at the moment, representatives of Binance did not give comments on how the new restrictions of the EU authorities will affect the terms of maintenance for users from Russia.

For how the sanctions will affect Russian cryptocurrency users, read GetBlock Magazine’s article.

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