Dapper Labs suspends Russian accounts after new EU sanctions
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The firm outlined that as its “payment processing and stored value service partner is subject to EU regulations,” Dapper has been directed to impose the restrictions on these accounts under EU law.
Flow blockchain developers Dapper Labs has suspended Russian accounts after the European Union (EU) imposed new sanctions against Russia and its nationals.
Announced on Oct. 6, the latest set of EU sanctions on Russia stipulates a full ban on the provision of crypto-asset wallets, accounts and custody services, regardless of the total value of the assets.
Following the sanction announcement, Dapper stated that accounts with connections to Russia will no longer be able to sell, purchase or gift nonfungible tokens (NFTs), withdraw funds from their accounts or add to their balances, stating:
“It is now prohibited to provide crypto-asset wallet, account, or custody services of any value to accounts with connections to Russia, irrespective of the amount of the wallet.”
The firm outlined that as its “payment processing and stored value service partner is subject to EU regulations,” Dapper has been directed to impose the restrictions on these accounts under EU law.
“However, Dapper has not closed the accounts. Users impacted by these actions can continue to access and view their NFTs. Additionally, regardless of this new regulation, any NFT previously purchased by an impacted user continues to belong to that user,” the firm stated.
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