Blockchain.com and Crypto.com have begun to restrict accounts that are connected to Russia. Blockchain.com users can withdraw their custodial funds. These actions are the result of EU government sanctions.
Blockchain.com and Crypto.com both informed users that they have implemented restrictions related to Russia.
According to emails sent yesterday to users and seen by The Block, Blockchain.com will no longer offer custodial or rewards services to Russian citizens. Users who have been notified can withdraw custodial funds or rewards until October 27th. After that, their accounts will be closed. Already, rewards accruals have been blocked.
According to the crypto financial services company, the restrictions were caused by recent EU government sanctions.
Crypto.com already blocks users who are affected by EU regulations from accessing their app. The Block has seen the Oct. 14 emails and they do not contain any information about withdrawals. It is therefore assumed that Crypto.com does not allow for withdrawals.
The crypto exchange company says the restrictions are due to the upcoming regulations.
The moves follow recent actions by Dapper Labs NFT company, which blocked accounts linked to Russia about a week ago. The company that created CryptoKitties, and the Flow blockchain also stated its actions were a direct consequence of EU sanctions. This is because users affected by these restrictions cannot access their NFTs or transfer them, but they still own them.
The Block reached out both to Crypto.com and Blockchain.com for comments and will update accordingly.
