Dapper Labs Suspends NFT Operations for Russian Users Amid New EU Sanctions – Bitcoin News

Canadian company Dapper Labs has halted operations with non-fungible tokens (NFTs), for Russian accounts. This is in response to a recent EU round of sanctions that prohibits the provision of cryptocurrency-related services for Russian citizens and entities.

NFT Platform Dapper Labs complies with the latest EU restrictions against Russian Federation

Dapper Labs, the creators of the Flow blockchain network and projects like Cryptokitties and NBA Top Shot, has complied with the new restrictive measures adopted by the European Union in response to Russia’s military intervention in Ukraine.

Brussels approved the eighth EU sanction package on Thursday, October 6, following the latest escalated conflict between Russia and Ukraine. Russia announced partial mobilization as well as steps to annexe four Ukrainian areas through fake referendums.

These sanctions, which target the Russian government, economy and foreign trade also include financial measures that affect the crypto company’s business activities. These companies are prohibited from offering any account or wallet to Russian citizens.

The restrictions apply regardless of the amount of digital assets, tightening the regime in comparison with the fifth round of sanctions imposed earlier this year, when only “high-value” crypto-asset services were banned, those for crypto holdings exceeding €10,000 ($11,000 at the time).

Russian users can access their accounts and keep NFTs they bought before the ban.

“Our payment processing and stored value service partner is subject to EU regulations and has directed us to take action on all accounts held by those impacted by the Oct. 6 restrictions, consistent with EU law,” Dapper Labs explained in a notice published on its website.

The company stated that Dapper was forced to close all Russian-connected accounts. This includes any purchase, gifting, or sale of Moments across all Dapper Sports and any withdrawals from Dapper account balances.

NFT Platform pointed out however that these accounts weren’t closed. Users who have been affected will be able access the tokens and can view them. You can also retain any NFTs you have previously bought. “Any Moments you own and any Dapper Balance continue to be your property,” Dapper assured while apologizing for any inconvenience.

Others crypto companies that have a presence in Europe will likely adopt the same measures, but they might not be applicable to all global platforms. According to Russian crypto media, Binance, for example, has informed Russian users that it didn’t introduce any new restrictions. That’s despite the world’s largest crypto exchange complying with the previous round of European crypto sanctions.

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Cryptocurrencies, Cryptocurrencies. Cryptocurrencies. Cryptocurrencies. Cryptocurrencies. Cryptocurrencies. CryptoKitties. Dapper Labs. EU. European Union. Moments. NBA Top Shot.

What do you think other crypto companies will do to Russian account holders who have Russian accounts? Please let us know your thoughts in the comment section.

Lubomir Tassav

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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