Lider kripto borsası Coinbase is planning to ban accounts of select Russians to adhere to sanctions, Russian news agency RBC rapor May 5, citing an official letter issued to users by the exchange.
The letter informed recipients that Coinbase would shut down accounts after May 31 unless users submitted documents that prove they are not subject to EU sanctions.
Targeted users that don’t provide the requested documents will need to withdraw funds from the Coinbase platform. Failure to do so will see the exchange freeze the funds. Additionally, any funds transferred to such accounts after May 31 will also be frozen by Coinbase.
The exchange did not specify which documents users need to provide to verify they are not subject to EU sanctions.
This letter comes on the heels of Coinbase Chief Legal Officer Paul Grewal tweet,
AB'nin son dönemdeki yaptırımları nedeniyle @Coinbase AB kuruluşlarımıza kayıtlı veya AB içinde bulunan belirli Rus müşterilere artık kripto hizmetleri sağlayamayacaktır.
He added that the exchange would continue offering services to non-sanctioned Russian customers who are not located in the EU and not registered to its EU entities. In so doing, Grewal said Coinbase aims to pursue its mission of economic freedom in a way that meets its sanctions obligations.
Crypto exchanges continue limiting services to Russian uses
Before Coinbase, Binance introduced restrictions targeting a broader percentage of the Russian population in April. Binance’s restrictions targeted Russian citizens and organizations that hold more than €10,000 ($10,885).
At the time, Binance said,
Bu kısıtlama kapsamında sınıflandırılan hesaplar sadece para çekme moduna alınacaktır. Bu hesaplarda para yatırma veya alım satıma izin verilmeyecektir. Limit ayrıca tüm spot, vadeli işlemler, saklama cüzdanları ve stake edilen ve kazanılan mevduatları da kapsar.
Unlike Coinbase, which gives affected Russian users less than a month to withdraw funds, Binance gave them 90 days to close their positions.
Previously, Binance CEO Changpeng Zhao said Binance is against the war between Russia and Ukraine and the politicians that started it. Since then, the exchange has been proactive in helping Ukrainian refugees.
Apart from vowing to distribute $10 million to affected Ukrainians, Binance recently başlattı a crypto card to help Ukrainian refugees make payments seamlessly at EEA merchant stores that support card payments.
Source: https://cryptoslate.com/coinbase-to-shut-down-some-russian-accounts-due-to-eu-sanctions/