Technology

Russian Crypto Users Face Another Blow, This Time From Coinbase

Weeks after, Binance (BNB) announced that it is limiting services for Russian nationals, Coinbase (COIN) has sent letters to certain Russian accounts to withdraw funds before it is too late. In the recent round of sanctions by the European Union on Russia, the EU has implemented a ban on deposits to crypto wallets, making it further difficult for Russians to use cryptocurrencies to evade multiple sanctions. Coinbase crypto exchange has sent out letters to certain Russian accounts, warning customers about possible wallet blocks as a result of the fresh EU sanctions. Per the local business news RBC, the trading platform has given time until May 31 for those users to withdraw their funds. Failing which, crypto assets may be frozen and funds transferred to this account in the future will also be blocked. The exchange noted: “Until May 31, 2022, you must withdraw all funds from your account or provide us with special documents that confirm that you do not fall under these sanctions.”

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