Dapper Labs, have suspended Russian accounts, following the implementation of new sanctions by the European Union (EU) against Russia and its citizens.
The Dapper team explained that their company has been ordered by EU law to impose the restrictions on Russian accounts because its “payment processing and stored value service partner is subject to EU regulations.”
The most recent round of EU sanctions against Russia were announced on October 6, and they completely forbid the provision of crypto wallets, accounts, and custody services, regardless of the total value of the assets.
In response to the announcement of the sanctions, Dapper stated that accounts with ties to Russia will no longer be able to sell, buy, or give non-fungible tokens (NFTs), withdraw money from their accounts, or increase their balances.
The company explained that Dapper has been ordered by EU law to impose the restrictions on these accounts because its “payment processing and stored value service partner is subject to EU regulations.”
“Dapper has not, however, closed the accounts.” Access to and viewing of NFTs by users who are affected by these actions is not interrupted.
Additionally, despite this new regulation, any NFT that an impacted user previously purchased still belongs to that user, the company added.
The sanctions imposed on Russia forbid “all crypto-asset wallets, accounts or custody services, regardless of the amount of the wallet,” which also includes “any cross-border cryptocurrency transfers between Russians and EU citizens.”
Similar to the Tornado Cash crypto mixer fiasco in August, Dapper has complied with orders to block access to Russians, marking another instance in which a crypto-related company has had to bow to regulatory pressure to avoid compliance issues.
Dapper has been ordered by EU law to impose the restrictions on Russian accounts.
Following the implementation of new sanctions by the European Union (EU) against Russia and its citizens, Flow blockchain developers, Dapper Labs, have suspended Russian accounts.
The Dapper team explained that their company has been ordered by EU law to impose the restrictions on Russian accounts because its “payment processing and stored value service partner is subject to EU regulations.”
The most recent round of EU sanctions against Russia were announced on October 6, and they completely forbid the provision of crypto wallets, accounts, and custody services, regardless of the total value of the assets.
In response to the announcement of the sanctions, Dapper stated that accounts with ties to Russia will no longer be able to sell, buy, or give non-fungible tokens (NFTs), withdraw money from their accounts, or increase their balances.
The company explained that Dapper has been ordered by EU law to impose the restrictions on these accounts because its “payment processing and stored value service partner is subject to EU regulations.”
“Dapper has not, however, closed the accounts.” Access to and viewing of NFTs by users who are affected by these actions is not interrupted.
Additionally, despite this new regulation, any NFT that an impacted user previously purchased still belongs to that user, the company added.
The sanctions imposed on Russia forbid “all crypto-asset wallets, accounts or custody services, regardless of the amount of the wallet,” which also includes “any cross-border cryptocurrency transfers between Russians and EU citizens.”
Similar to the Tornado Cash crypto mixer fiasco in August, Dapper has complied with orders to block access to Russians, marking another instance in which a crypto-related company has had to bow to regulatory pressure to avoid compliance issues.
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