Coinbase Warns Its Russian Users About their Accounts Being Blocked By May
Users Need to Prove they are Not Under EU Sanctions
According to a report from local media publication RBC, some of the Russian customers from Coinbase have received notifications that their accounts might be blocked on May 31st.
The trading platform, therefore suggested that they should withdraw their funds unless they provide official documents proving that they are not under EU sanctions.
“Until May 31, 2022, you must withdraw all funds from your account or provide us with special documents that confirm that you do not fall under these sanctions,” the warning read.
After that date, the funds may be frozen and all assets transferred to the accounts in the future will also be blocked, the crypto exchange’s support team warned the Russians, according to the publication.
Binance Too Curbs Services in Russia
The news of the notice comes a week after Coinbase’s Chief Legal Officer Paul Grewal tweeted that the exchange could no longer provide services to certain Russian clients registered to the platform’s EU entities or located within the European Union.
Coinbase’s move follows Binance’s decision last month to limit services for Russian nationals and companies that have crypto assets exceeding €10,000 or $11,000.