- Some Russian Coinbase customers have received letters informing them that their accounts will be blocked by May 31.
- The funds present in the accounts of these users may be frozen and all assets transferred to these accounts will also be blocked.
- Coinbase is working with affected customers and will give them ample opportunity to demonstrate that certain sanctions do not apply to them.
According to the Russian news portal RBC, some Russian Coinbase customers have received letters informing them that their accounts will be blocked by May 31. The exchange has, however, given these clients the opportunity to provide documentation proving that they are not subject to no EU sanctions.
The documents specifically stated that “until May 31, you must withdraw all funds from your account or provide us with special documentation that confirms that you do not fall under these sanctions. »
According to RBC Crypto, Coinbase’s support team has warned that after May 31, funds in these users’ accounts may be frozen and any assets that are transferred to these accounts will be also blocked.
The announcement came after Paul Grewal, Chief Legal Officer of Coinbase, tweeted that the exchange could no longer provide services to Russian customers registered with the platform’s European entities or located in the European Union.
Grewal was keen to mention that Coinbase is working with affected customers and will give them ample opportunity to demonstrate that certain sanctions do not apply to them. The exchange will also help these customers withdraw their funds from Coinbase if the sanctions apply to them.
Coinbase will also continue to provide services to unsanctioned users who are not located in the EU or who are registered with its European entities.
This Coinbase announcement follows Binance’s decision in April to limit services for Russian nationals and businesses that own cryptocurrency assets worth greater than approximately $11,000.
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