Coinbase will start blocking some Russian users

Coinbase will start blocking some Russian users

Some users of Coinbase Cryptocurrency exchange from Russia received letters, according to which their accounts will be blocked since May 31 of this year. The company offered such customers to withdraw all funds or provide documents that confirm that they are not under the sanctions of the European Union. This is reported by RBC Crypto.

“Until May 31, 2022, you must withdraw all funds from your account or provide us with special documents that will confirm that you do not fall under these sanctions (of the European Union, – note)”

the exchange said in a message

Its support service warned that after May 31, the user’s funds may be frozen. All assets that will be transferred to the account after that date will also be blocked.

On May 3, Coinbase General Counsel Paul Grewal wrote that the exchange could no longer provide services to some Russian customers registered with the exchange’s European units or located in the EU. Grewal added that the company will continue to provide services to customers who are not subject to sanctions.

In April, the largest cryptocurrency exchange in terms of trading volumes, Binance restricted access to its services for users who live in Russia and have on the exchange assets worth more than €10,000. Such customers of the site will only be able to use the function of withdrawal of funds. The company explained such measures by the fifth package of EU restrictive measures against Russia

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Written by Renat
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