In a positive development, Dapper Labs will bring relief to users affected by EU sanctions against Russia by granting them access to withdraw their NFTs to a non-custodial wallet. This frees assets previously frozen under the directive of Circle.
Clients will be able to withdraw various NFTs from their dapper Wallet to a Blotco Wallet. The company stated that prior restrictions to accounts with ties to Russia stemmed from a directive from Circle, the large peer-to-peer payments technology company behind stable coin USDC, acting as Dapper’s payment processing and stored value service partner.
“Circle holds custody over customer funds and because they required immediate action, we had to comply with their direction in this instance and suspend accounts with connections to Russia, but we did not close any of these accounts,” the Dapper team stated in an email.
Dapper also stated that it is working to provide support to the maximum extent allowed by the law while at the same time identifying innovative solutions for account holders, such as alternative NFT custody solutions to allow users to transfer assets from Dapper.