Coinbase, a notable cryptocurrency exchange, has reportedly announced that it intends to freeze some accounts associated with a specific set of Russian clients by the end of May.
The trading platform allegedly notified some Russian clients that they must withdraw their crypto assets unless they can prove that they are not affected by the sanctions imposed on certain Russians.
According to RBC, a Russian business news website, some crypto enthusiasts with Russian links who use Coinbase have received emails warning that their accounts will not be accessible on May 31.
They will only be immune from this if they can provide documentation proving that they are not subject to any European Union sanctions. The report stated,
“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.”
Those who do not withdraw their funds before that date risk having them frozen and being unable to access them in the future.
As a result of this notice, Coinbase’s Chief Legal Officer, Paul Grewal, stated that the trading platform will no longer provide its services to some Russian users.
“As a result of the EU’s recent sanctions, @Coinbase can no longer provide crypto services to certain Russian customers registered to our EU entities or located within the EU.
@coinbase is working with affected customers to give them an opportunity to show us if these sanctions don’t apply to them. And if they are covered by the EU’s new restrictions, we will help them as permitted by law to withdraw their funds from Coinbase.”
Coinbase is one of the cryptocurrency exchanges collaborating with the European Union to ensure that the imposed sanctions are duly implemented.
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