Following the implementation of additional restrictions by the European Union against Russia and its citizens, Flow blockchain developers Dapper Labs have blocked Russian accounts, as reported by Cointelegraph.
According to Cointelegraph, the most recent round of EU sanctions on Russia was announced on October 6, and they completely forbid the provision of cryptocurrency wallets, accounts, and custody services, regardless of the overall value of the assets.
In response to the revelation of the sanctions, Dapper stated that accounts with ties to Russia will no longer be able to sell, buy, or give nonfungible tokens (NFTs), withdraw money from their accounts, or increase their balances. Dapper noted, “It is now prohibited to provide crypto-asset wallet, account, or custody services of any value to accounts with connections to Russia, irrespective of the amount of the wallet.”
The company explained that Dapper has been ordered by EU law to implement the limits on these accounts because its “payment processing and stored value service partner is subject to EU rules.”
Cross-border cryptocurrency transfers between Russians and EU citizens are entirely prohibited under the sanctions imposed on Russia, which also forbids “any crypto-asset wallets, accounts, or custodial services, regardless of the volume of the wallet.”
Similar to the Tornado Cash crypto mixer fiasco in August, Dapper has complied with instructions to block access to Russians, marking another instance in which a crypto-related company has had to bow to regulatory pressure to avoid compliance concerns, Cointelegraph further noted.
(With insights from Cointelegraph)
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