Canadian firm Dapper Labs has blocked operations using non-fusible tokens (NFTs) for Russian accounts. The move follows a recent round of new sanctions imposed by the EU that prohibit the provision of crypto-related services to Russian residents and entities.
NFT platform Dapper Labs is in compliance with the EU’s latest sanctions against the Russian Federation
Flow blockchain network and Dapper Labs, creators of projects likeprojects like CryptokittiesandNBA Top Shotfollowed new restrictive measures adopted by the European Union in response to Russia’s military intervention in Ukraine.
In response, the EU on Thursday, October 6 approved the eighth package of EU sanctions in Brussels after the latest escalation of the conflict, in which Russia announced partial mobilization and took steps to annex four Ukrainian regions through what appeared to be a sham referendum.
The penalties, which target the Russian economy, government and foreign trade, also feature financial measures affecting the business activities of crypto companies. The latter are prohibited from providing wallets, accounts, 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 earlier this year, when only “high-value” crypto asset services were banned, and for crypto holdings exceeding €10,000 (then $11,000).
Russian users can keep NFTs purchased before the ban and access their accounts
“Our payment processing and stored value services partners have instructed us to address all accounts held by those who are subject to EU regulations and affected by the October 6 restrictions, consistent with EU law,” Dapper Labs explained in a notice published on its website.
As a result, according to the company, Dapper stopped all Dapper Sports accounts connected to Russia from buying, selling, or gifting any Dapper Sports moments, all withdrawals from Dapper accounts, and purchases of Dapper Balance He stated that he had to.
However, the NFT platform noted that the accounts were not closed. Affected users can still access their accounts and view their tokens. They also retain previously purchased NFTs. Any moments you own and any Dapper balances remain your property,” Dapper assured, apologizing for the inconvenience.
Other crypto companies present in Europe may adopt similar measures, but the restrictions may not affect all global platforms. For example, according to Russian crypto media, Binance has reportedly informed its Russian users that it is not introducing any new restrictions. That is despite the world’s largest crypto exchange complying with the previous round of European crypto sanctions.
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