Connect with us

Trading View

This crypto wallet provider will suspend Russian accounts by Oct. end



Source: Unsplash

Crypto wallet provider has become the latest company to halt its services for Russian nationals following the European Union’s eighth package of sanctions against Russia. 

Account suspension by the end of October

Russia’s RBK Group reported on 14 October that Russian users of have until 27 October to withdraw their funds from the platform.

“ is currently prohibited from providing custodial and rewards services to Russian citizens,” the company said in a statement. is joined by in their Russian account suspension.’s updated Geo-Restrictions list now shows Russia as one of the countries that are not serviced by the platform. 

The latest round of sanctions requires all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet, to be banned for Russia. 

Previously, the sanctions only limited Russian crypto payments that exceeded more than €10,0000.

Additionally, the scope of the latest sanctions has been widened and it now extends to IT consultancy, legal advisory, architecture, and engineering services as well.

Increasing pressure on firms to comply

Earlier this week, Canada-based NFT marketplace Dapper Labs suspended accounts with connections to Russia. This included all purchases, sales, withdrawals, or gifting across the platform. 

Other exchanges like Binance and Coinbase have not yet made any announcements regarding a ban on Russian accounts, although online sentiment indicates that action similar to that of may be announced soon. 

Taking cognizance of the imminent threat that the sanctions pose to its financial system, Russia has ramped up its crypto-related operations in a bid to circumvent the restrictions imposed by the west. 

Last month, Anatoly Aksakov, Head of the Financial Committee in Russia’s lower house of parliament, emphasized the importance of a digital rouble and the role it will play in evading sanctions.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.

Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.