Blockchain.com and Crypto.com Restrict Russian-tied Accounts
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Blockchain.com To Curtail Offer Custody and Rewards Services
According to the sources, Blockchain.com will no longer offer custody and rewards services to its Russian users. The platform has informed users to remove their cash and rewards before their accounts get suspended until October 27. The accumulation of rewards has been stopped.
According to the cryptocurrency financial services provider, the limitations are the consequence of recent European Union government penalties. Users impacted by the EU laws may no longer access the app, according to Crypto.com. Since there is no information on withdrawals, it is presumed that it is not possible to withdraw money from Crypto.com.
Restrictions Come After EU's New Crypto Regulations
The cryptocurrency trading firm added that the limitations are due to the new regulations. The steps follow recent NFT firm Dapper Labs's blocking of accounts associated with Russia a week ago. The organization that developed CryptoKitties and the Flow blockchain also claimed that the EU restrictions were the primary cause of their actions, adding that even if impacted users cannot acquire or transfer their NFTs, they still have them.
The Duo Expand Their Leg to Different Regions
Recently, Blockchain.com received approval from Singapore's central bank to provide Digital Payment Token services in Singapore. Blockchain.com's regulatory permission comes soon after Coinbase revealed on October 11 that it had received a comparable in-principle approval from the Monetary Authority of Singapore (MAS).
At the end of September, the main financial watchdogs in France gave Crypto.com the nod to operate as a Digital Asset Service Provider (DASP) in the country. The approvals from the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR), according to a statement, come after assessments of its anti-money laundering and counter-terrorist funding policies.