Dapper Labs Imposes Restrictions on Russian Accounts

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Editing by Nathaniel Cajuday

Following the guidelines dictated by the sanctions of the European Union (EU) targeting Russia and Russian nationals, which states the restrictions on crypto established in April, decentralized crypto platform Dapper Labs has recently implemented restrictions on Russian accounts from using its payment services.

“It is now prohibited to provide crypto-asset wallet, account, or custody services of any value to accounts with connections to Russia…However, Dapper has not closed the accounts,” Dapper Labs wrote in a press release.

Russian users affected by the partial suspension will now be unable to purchase, sell, or gift digital collectibles across platforms, including UFC Strike, NBA Top Shot, and NFL All Day. Withdrawing funds from their Dapper accounts or making purchases with existing balances will now also be prohibited.

Dapper Labs, however, assured that users will still be able to access and view the non-fungible tokens (NFTs) they’ve purchased and guaranteed that the affected users will maintain ownership of their assets, even if they can not sell them.

“Regardless of this new regulation, any NFT previously purchased by an impacted user continues to belong to that user. Any Moments you own and any Dapper Balance continue to be your property,” the company clarified.

According to a press release from the EU, “existing prohibitions on crypto assets have been tightened” by banning services regardless of a wallet’s value. It was previously capped at €10,000.00. 

In line with this, more web3 companies are likely to follow the restrictions as a result of the new EU sanctions. The sanction stemmed from the war instigated by Russia against Ukraine earlier this year.  

Accordingly, the attacks of Russia on Ukraine have led the latter to seek help and ask for donations in cryptocurrency and the country and NGOs providing support to the military have successfully raised millions in crypto  (Read more: Ukrainians Raise Funds Through Crypto)

This article is published on BitPinas: Dapper Labs Imposes Restrictions on Russian Accounts

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

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