According to Russian news agency RBC, the leading crypto exchange Coinbase is intending to suspend accounts of specific Russians in order to comply with sanctions.
It quoted an official letter from the exchange to users. Before May 30, Coinbase has requested paperwork proving that they are not subject to EU penalties.
The mail warned recipients that Coinbase accounts would close on May 31. Unless users present evidence proving they are not subject to EU sanctions, this occurs.
Forced Withdrawal on Coinbase Site
Users who fail to furnish the needed documentation will force to withdraw their cash from the Coinbase site. If users do not comply, the funds will freeze by the exchange. Additionally, Coinbase will freeze any payments moved to such accounts after May 31.
Users must present which documentation to ensure they are not subject to EU sanctions, according to the exchange. Coinbase Chief Legal Officer Paul Grewal recently tweeted about this letter. Coinbase can no longer provide crypto services to some Russian customers registered to their EU firms or based within the EU, he stated, citing recent EU restrictions.
He went on to say that the exchange would continue to serve non-sanctioned Russian customers. Those who are not based in the EU and are not affiliated with its institutions. In doing so, Grewal stated that Coinbase intends to carry out its purpose of economic liberty while adhering to its sanctions commitments.
Limited Services to Russian Users Continue
Prior to Coinbase, in April, Binance imposed restrictions on a larger segment of the Russian populace. Binance imposed limitations on Russian citizens and companies with more than €10,000 ($10,885) in their accounts.
Binance stated at the time that accounts that fall under this limitation will restrict to withdrawals exclusively. No deposits or trading will permit on these accounts. All spot, futures, custodial wallets, and staked and earned deposits include in the limit.
Binance, unlike Coinbase, granted concerned Russian users 90 days to terminate their accounts.
Opposing the Conflict between Russia and Ukraine
Binance CEO Changpeng Zhao previously stated that the company opposes the conflict between Russia and Ukraine. The politicians who began it also include. The exchange has engaged in assisting Ukrainian refugees since then.
Binance has promised to give impacted Ukrainians $10 million. Apart from that, Binance recently launched a crypto card to assist Ukrainian refugees in making payments at EEA merchants that accept card payments.