Blockchain.com, Crypto.com Bans Russians After New EU Sanctions

Blockchain.com, one of the biggest and oldest crypto wallet with 80 million users, has reportedly banned Russians from the platform.

Local media reports that the crypto wallet informed Russian users they will no longer be able to access the account after October 27th.

“Blockchain.com is currently prohibited from providing custody and rewards services to Russian citizens,” the company said in a statement.

Crypto.com, an app that has 50 million users with $400 million in daily trading volumes, has also banned Russia.

Their geo-restrictions list, which was updated this week, now includes Russia for the first time.

This decisions come after new sanctions were adopted by the European Union last week. In announcing those sanctions, a section that until now had gone under the radar says:

“The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet (previously up to €10,000 was allowed).”

Coinbase, Binance, Bitstamp, and other crypto exchanges or businesses all have headquarters or branches in the European Union.

They now all have effectively been ordered to ban Russians, with this being the first decision of its kind.

Until now, bitcoin was one of very few means of international exchange for Russians, with initial reports back in spring suggesting that some of the wealthier Russians had gone to Dubai to cash out their crypto.

After Russia imposed their own capital controls in regards to euros and dollars, there was speculation that ordinary Russians may use bitcoin to keep a valve open.

That valve has now been closed, at least in Europe, with Russia so becoming just a bit more isolated.