As Russia continues to wage a war against Ukraine, governments across the globe have been showing retaliation in the form of sanctions. More recently, the European Union banned all crypto assets, accounts as well as custody services that had ties with Russia. Following this, prominent crypto platforms, Crypto.com and Blockchain.com have decided to cut ties with Russia.
Crypto.com reportedly sent out emails notifying its users about its latest move. The exchange has already blocked users that fall under the EU’s latest wing of regulations. However, it should be noted that there was no information pertaining to withdrawals in the email.
This further led to the community speculating that the option of withdrawing funds from the exchange was negated.
Blockchain.com decided to do the same. The platform alerted its users that it would eliminate custodial as well as reward services to Russian citizens.
According to the email, users were given time until October 27, 2022, to withdraw both custodial funds and rewards. As mentioned earlier, Crypto.com did not reveal information pertaining to withdrawals. Right after the given date, their accounts would be taken down.
Russian citizens pay the price for their President’s doings
Over the last couple of months, an array of businesses ranging from several industries were seen bidding adieu to Russia. More recently, prominent NFT firm Dapper Labs decided to cut ties with the country. It should be noted that the firm’s decision was in light of the sanctions imposed by the EU.
As per the EU, the sanction “extends the list of restricted items which might contribute to the Russian Federation’s military and technological enhancement or to the development of its defense and security sector.”
In addition to crypto, Russia has even banned the use of Facebook and Instagram. The social media giant’s parent company, Meta has been categorized under the terrorist and extremist list.