{"id":37126,"date":"2022-10-10T03:43:19","date_gmt":"2022-10-10T07:43:19","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=37126"},"modified":"2022-10-10T03:43:26","modified_gmt":"2022-10-10T07:43:26","slug":"dapper-labs-restricts-russian-accounts-amid-eu-sanctions","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/dapper-labs-restricts-russian-accounts-amid-eu-sanctions\/","title":{"rendered":"Dapper Labs restricts Russian accounts amid EU sanctions"},"content":{"rendered":"\n
Dapper Labs<\/a> was told to restrict these accounts because its “payment processing and stored value service partner is subject to EU rules.”<\/h5>\n\n\n\n
\"Dapper
Dapper Labs restricts Russian accounts amid EU sanctions<\/figcaption><\/figure>\n\n\n\n

Following the implementation of additional restrictions by the European Union (EU) against Russia and its citizens, Flow blockchain developers Dapper Labs have blocked Russian accounts.<\/p>\n\n\n\n

The most recent round of EU sanctions on Russia\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> were announced on October 6, and they completely forbid the provision of cryptocurrency wallets, accounts, and custody services, regardless of the overall value of the assets.<\/p>\n\n\n\n

In response to the revelation of the sanctions, Dapper stated that accounts with ties to Russia will no longer be able to sell, buy, or give nonfungible tokens (NFTs), withdraw money from their accounts, or increase their balances. Dapper noted:<\/p>\n\n\n\n

\u201cIt is now prohibited to provide crypto-asset wallet, account, or custody services of any value to accounts with connections to Russia, irrespective of the amount of the wallet.\u201d<\/p><\/blockquote>\n\n\n\n

The company explained that Dapper has been ordered by EU law<\/a> to implement the limits on these accounts because its “payment processing and stored value service partner is subject to EU rules.”<\/p>\n\n\n\n

\u201cHowever, Dapper has not closed the accounts. Users impacted by these actions can continue to access and view their NFTs. Additionally, regardless of this new regulation, any NFT previously purchased by an impacted user continues to belong to that user,\u201d the firm stated.<\/p>\n\n\n\n

Cross-border cryptocurrency transfers between Russians and EU citizens are entirely prohibited under the sanctions imposed on Russia, which also forbids “any crypto-asset wallets, accounts, or custodial services, regardless of the volume of the wallet.”<\/p>\n\n\n\n

Similar to the Tornado Cash <\/a>crypto mixer fiasco in August, Dapper has complied with instructions to block access to Russians, marking another instance in which a crypto-related company has had to bow to regulatory pressure to avoid compliance concerns.<\/p>\n\n\n\n

Twitter user @XBT002 blasted Dapper for the action, saying that it goes against the idea that blockchain technology is censorship-resistant:<\/p>\n\n\n\n

\u201cIf you\u2019re freezing \u2018accounts,\u2019 you\u2019re actively censoring in an industry that was founded around censorship resistance.\u201d<\/p><\/blockquote>\n\n\n\n

Reiterating that the company was “ordered” to take this step on the Russian accounts and as a result had no choice in the matter, @EIDumboTS, who claims to work at Dapper, responded.<\/p>\n\n\n\n

\n

Therefore, this directed us to take action on all accounts held by those impacted by the new October 6 restrictions, consistent with EU law. This only impacts Dapper wallets with connections to Russia.

We were made aware at the same time as all other companies with EU operations<\/p>— Luke (@eldumbo) October 9, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

Dapper is a centralized business with its head office in Vancouver, Canada, with an estimated market value of $7.6 billion. NBA Top Shot<\/a>, NFL All Day, and Crypto Kitties are just a few of the well-known NFT products that Dapper has introduced alongside the Flow blockchain. The business is preparing to launch<\/p>\n","protected":false},"excerpt":{"rendered":"

Dapper Labs was told to restrict these accounts because its “payment processing and stored value service partner is subject to EU rules.” Following the implementation of additional restrictions by the European Union (EU) against Russia and its citizens, Flow blockchain developers Dapper Labs have blocked Russian accounts. The most recent round of EU sanctions on […]<\/p>\n","protected":false},"author":38,"featured_media":37130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[62],"tags":[4411,1332,470,8671],"class_list":["post-37126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nft-news","tag-dapper-labs","tag-eu","tag-nfts","tag-russian-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/10\/1632317088510596.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/37126","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=37126"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/37126\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/37130"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=37126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=37126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=37126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}