Leading crypto exchange Coinbase has reportedly notified certain Russian customers that their accounts may be blocked at the end of this month.
<h2><strong>Users Need to Prove they are Not Under EU Sanctions</strong></h2>
According to a report from local media publication RBC, some of the Russian customers from Coinbase have received notifications that their accounts might be blocked on May 31<sup>st</sup>.

The trading platform, therefore suggested that they should withdraw their funds unless they provide official documents proving that they are not under EU sanctions.

“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,” the warning read.

After that date, the funds may be frozen and all assets transferred to the accounts in the future will also be blocked, the crypto exchange’s support team warned the Russians, according to the publication.
<h2><strong>Binance Too Curbs Services in Russia</strong></h2>
The news of the notice comes a week after Coinbase’s Chief Legal Officer Paul Grewal tweeted that the exchange could no longer provide services to certain Russian clients registered to the platform’s EU entities or located within the European Union.

https://twitter.com/iampaulgrewal/status/1521487189431001089

Coinbase’s move follows Binance’s <a href="https://www.cryptoknowmics.com/news/binance-set-to-limit-services-in-russia-after-eu-sanctions" target="_blank" rel="noopener">decision</a> last month to limit services for Russian nationals and companies that have crypto assets exceeding €10,000 or $11,000.

Coinbase Warns Its Russian Users About their Accounts Being Blocked By May

Leading crypto exchange Coinbase has reportedly notified certain Russian customers that their accounts may be blocked at the end of this month.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Coinbase Warns Its Russian Users About their Accounts Being Blocked By May

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