Dapper Labs Suspends NFT Operations for Russian Users Amid New EU Sanctions – Bitcoin News

Canadian company Dapper Labs has blocked non-fungible token (NFT) trading for Russian accounts. The move follows a new round of sanctions recently imposed by the EU that prohibit the provision of crypto-related services to Russian residents and entities.

Dapper Labs NFT platform complies with the latest EU restrictions against the Russian Federation

Dapper Labs, creators of the Flow blockchain network and projects such as Cryptokitties and NBA Top Shot, have complied with the new restrictive measures adopted by the European Union in response to Russia’s military intervention in Ukraine.

The EU’s eighth package of sanctions was approved by Brussels on Thursday, October 6, following the latest escalation of the conflict with Russia announcing a partial mobilization and taking steps to annex four Ukrainian regions through what the bloc sees as sham referendums.

The sanctions, aimed at the Russian economy, government and foreign trade, also include financial measures that affect the business activities of cryptocurrency companies. The latter have been prohibited from providing wallet, account or custody services to Russian citizens.

The restrictions apply regardless of the amount of digital assets, tightening the regime compared to the fifth round of sanctions imposed earlier this year, when only “high-value” crypto-asset services were banned, those for cryptocurrencies exceeding the €10,000 ($11,000). at the time).

Russian users will keep NFTs purchased before the ban and have access to their accounts

“Our payment processing and stored value service partner is subject to EU regulations and has directed us to take action on all accounts of those affected by the October 6 restrictions, in accordance with EU law. ”, Dapper Labs explained in a notice posted on its website.

As a result, the company said, Dapper had to suspend accounts with connections to Russia from buying, selling or gifting at any time in all Dapper sports, any Dapper account withdrawals and Dapper balance purchases.

The NFT platform noted, however, that the accounts were not closed. Affected users will be able to access them and view their tokens. They will also keep any previously purchased NFTs. “Any time you own and any Dapper balance will remain your property,” Dapper assured while apologizing for any inconvenience.

Other crypto firms with a presence in Europe are likely to take similar steps, but the restrictions may not affect all global platforms. For example, Binance reportedly informed users in Russia that it did not introduce any new restrictions, according to Russian crypto media. That is despite the world’s largest cryptocurrency exchange complying with the previous round of European sanctions against cryptocurrencies.

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Do you expect other crypto companies to suspend services for Russian account holders? Let us know in the comments section.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who likes Hitchens’s quote: “Being a writer is who I am, rather than what I do.” In addition to crypto, blockchain, and fintech, international politics and economics are two other sources of inspiration.

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