Cryptocurrency services will stop supporting cryptocurrency wallets of Russians in the EU

The largest cryptocurrency exchanges and services are no longer cooperating with Russians — all because of new EU sanctions. Back on October 8, the LocalBitcoins project announced that citizens of the occupying country would no longer be able to use the service: «Due to the European sanctions, LocalBitcoins will no longer be able to provide its services to users from Russia (except for dual nationals of the European Economic Area and Switzerland/residents with a permit from the EEA or Switzerland). You can withdraw all your bitcoins in one transaction. After that, you will no longer be able to use your wallet.»

In turn, Blockchain.com has given Russians the opportunity to withdraw their deposits until October 27, after which it will block the accounts. Rewards have already been suspended.

Meanwhile, the cryptocurrency exchange Binance has not yet announced the termination of relations with Russian clients. The crypto exchange’s support team notes that Binance «has not imposed any new restrictions» and «has no changes to its existing communications with Russian users.» «As for the funds, they are safe and will definitely remain with the clients,» the support team added.

Bitcoin exchange Coinbase is behaving better and already supports the EU sanctions requirements. «Coinbase complies with all relevant laws and regulations in the jurisdictions in which it operates, including those related to sanctions,» a company spokesperson said. Crypto.com defends the same position. The company emphasized that it will continue to «fully comply with all EU sanctions.» BitMEX exchange also stands in solidarity with its crypto colleagues who joined the blocking of citizens of the aggressor country.

Revolut Bank has stated that it does not provide any financial services in the Russian market. In turn, Huobi said that in case of any restrictions, the platform will warn customers about it: «Theexchange continues to support the stable trading of Russian users, our priority is the security of user assets. If any restrictions are introduced, we will immediately notify our clients.» KuCoin and Bybit are still behaving in the same way as Binance.

On October 6, the European Union approved the eighth package of sanctions against the terrorist country, which banned the occupiers from owning cryptocurrency wallets in the Eurozone. Russians will also not be able to create accounts or store digital assets in the EU, regardless of the amount of the deposit.