Blockchain developer Dapper Labs announces ban on Russian accounts following EU sanctions
Dapper Labs, the company behind blockchain-based game CryptoKitties and the layer-1 digital ledger Flow (FLOW) network, announces restrictions on accounts linked to Russia.
Dapper Labs says that following the imposition of new sanctions against Russia and Russian nationals by the European Union (EU) last week, it will suspend the affected accounts as its “payment processing and store value service partner” is subject to the sanctions.
According to the firm, the new EU sanctions prohibit crypto industry players from providing “crypto-asset wallet, account or custody services of any value to accounts with connections to Russia, regardless of the size of the wallet.”
Dapper Labs says Russia-linked accounts are now suspended from making purchases or sales or gifting products purchased from the blockchain firm’s sports-related non-fungible token (NFT) content. Dapper Labs has also suspended Russia-affiliated accounts from making withdrawals from the platform or making purchases using their balance on the platform.
The new round of sanctions, which outright ban crypto payments of any amount, came after Russia annexed four Ukrainian territories following what the EU calls a “moist” referendum. Previous sanctions allowed crypto payments of up to €10,000.
The new EU sanctions coincided with a report that said Russia’s top financial authorities had reportedly reached an agreement legalizing the use of crypto-assets in cross-border transactions.
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Featured image: Shutterstock/Mia Stendal/WindAwake
