Coinbase warned some customers from Russia about blocking accounts

Posted 06 May, 2022

The trading platform announced on the mailing list new rules for customers who may be under sanctions in connection with the situation around Ukraine.

Some users of the Coinbase crypto exchange from Russia received letters according to which their accounts will be blocked from May 31 of this year. The company offered such clients to withdraw all funds or provide documents that confirm that they are not subject to EU sanctions (the text of the letter is at the disposal of RBC-Crypto).

“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 (of the European Union, - RBC note),” the exchange said.

Her support team warned that after May 31, the user's funds may be frozen. All assets transferred to the account after this date will also be blocked.

On May 3, Coinbase chief lawyer Paul Grewal wrote that the exchange could no longer provide services to some Russian clients registered with the exchange’s European divisions or located in the EU. Grewal added that the company will continue to provide services to clients who are not subject to sanctions.

In April, Binance, the largest crypto exchange in terms of trading volume, restricted access to its services for users who live in Russia and have assets worth more than €10,000 on the exchange. Such platform clients will only be able to use the withdrawal function. The company explained such measures with the fifth package of EU restrictive measures against Russia.

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