Coinbase Informs Some Russian Users Their Accounts May Be Blocked
2022.05.09 16:21
Coinbase Informs Some Russian Users Their Accounts May Be Blocked
- Some of Coinbase’s Russian customers have been sent letters informing them that their accounts will be blocked by May 31.
- The funds in these users’ accounts can be frozen and all assets that are transferred to these accounts will also be blocked.
- Coinbase (NASDAQ:COIN) is working with the affected clients and will give them ample opportunity to demonstrate that certain sanctions do not apply to them.
Coinbase, a leading U.S. crypto exchange, has issued a warning to certain Russian users that their accounts may be blocked by the end of May.
According to the Russian news portal, RBC, some of Coinbase’s Russian customers have been sent letters informing them that their accounts will be blocked by May 31. The exchange has, however, given these customers the chance to provide documents that prove that they are not subject to any EU sanctions.
The documents specifically stated that “until May 31, you must withdraw all funds from your account or provide us with special documents that confirm that you do not fall under these sanctions.”
According to RBC Crypto, Coinbase’s support team warned that after May 31, the funds in these users’ accounts can be frozen and all assets that are transferred to these accounts will also be blocked.
This announcement came after Paul Grewal, Coinbase’s Chief Legal Officer, Tweeted that the exchange could no longer provide services to Russian clients who are registered to the platform’s EU entities or located within the European Union.
Grewal made sure to mention that Coinbase is working with the affected clients and will give them ample opportunity to demonstrate that certain sanctions do not apply to them. The exchange will also help these clients withdraw their funds from Coinbase if the sanctions do apply to them.
Coinbase will also continue providing services to non-sanctioned users who are not located within the EU or are registered with its EU entities.
This announcement by Coinbase follows Binance’s decision in April to limit services for Russian nationals and companies that have crypto assets worth more than around $11,000.
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