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EU banned cryptocurrency transactions for Russians

Companies registered in Europe may soon begin to restrict Russians’ access to cryptocurrency accounts and wallets.
The European Union authorities adopted a new package of sanctions restricting foreign trade opportunities for Russia, from which it follows that Russian citizens may actually close access to the use of major cryptocurrency exchanges operating in Europe. The new sanctions package was adopted in response to the Russian authorities’ vote to join four Ukrainian regions:

“Existing bans on cryptoassets have been tightened by banning all wallets, accounts or storage services for cryptoassets, regardless of the wallet amount (previously up to €10,000 was allowed)”.

It is reported that European cryptocurrency companies will be banned from opening and maintaining accounts for Russian citizens. Now there is a restriction introduced in the spring, which prohibits holding more than €10,000 in cryptocurrency accounts of platforms such as Binance.
The new package of sanctions also includes a ban on imports of Russian goods worth €7 billion, exports to Russia of coal, electronic components for weapons, technical products for aviation and chemicals, while a document published by the EU says that the restrictive measures are aimed at key decision-makers, oligarchs, high-ranking military officials and propagandists.

It is not yet clear how exactly the new sanctions will comply with the largest platforms that have subsidiaries in Europe. There are fears that major platforms such as Binance or Coinbase will comply with the new sanctions package. They implemented the fifth package of sanctions unquestioningly and on time.

Recall, the European Union creates a single crypto-regulator.

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