Blockchain & Crypto

Dapper Labs suspends Russian accounts in compliance with new EU sanctions 

Under the latest EU sanctions package, blockchain firm Dapper Labs imposed the restrictions on Russian accounts as its “payment processing and stored value service partner is subject to EU regulations”

Russia sanctions

Dapper Labs suspends Russian accounts in compliance with new EU sanctions. Source: depositphotos.com

Flow blockchain developer Dapper Labs has suspended Russian accounts after the EU imposed new sanctions against the aggressor state and its nationals. Those included a full ban on the provision of crypto-asset wallets, accounts and custody services, regardless of the total value of the assets. 

Therefore, Dapper announced that any accounts with connections to Russia will no longer be able to sell, purchase or gift NFTs, withdraw funds from their accounts or add to their balances. However, the firm has not closed the accounts. Users impacted by these actions can continue to access and view their previously purchased NFTs. 

The new package of sanctions on Russia include a complete ban on cross-border crypto payments between Russians and the EU, which results in the prohibition of “all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet.”

Some Twitter users criticize Dapper over the move, reminding of the censorship-resistant notion of blockchain tech.

At the same time, we shall remind that sanctioned entities from Russia and North Korea are increasingly turning to coin swap services and other blockchain services to move funds and carry out cyber-attacks.

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Nina Bobro

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https://payspacemagazine.com/

Nina is passionate about financial technologies and environmental issues, reporting on the industry news and the most exciting projects that build their offerings around the intersection of fintech and sustainability.