- Advertisement -
Dapper Labs announced on Thursday that it would suspend all Russian accounts following sanctions imposed by the EU. The latest sanctions include a blanket ban on all crypto-related services in the country due to growing Russian activity in Ukraine. Users in Russia will now be unable to buy, sell, trade, or withdraw their Dapper Labs NFTs.
Why Did Dapper Labs Ban Russian Accounts?
According to Dapper Labs, their payments and service partners are subject to EU regulations and guidelines. As a result, the latest EU sanctions directly impact all existing Russian accounts. The European Union announced this move to dampen the warring nations’ invasion of Ukraine. The sanctions follow repeated Russian missile strikes on Kyiv that occurred on Monday, 3rd October.
“It 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.” – read the latest statement from Dapper Labs.
Furthermore, the sanctions also include a complete ban on cross-border crypto transfers between Russia and the EU. The European Commission stated in its latest press release, “These (sanctions) are significant as they will potentially weaken Russia’s industrial capacity because it is highly dependent on importing these services.”
What Action Can Russian Users Take?
Dapper Labs have explicitly stated that they have not closed any accounts in Russia following the latest regulations. Russian account holders will still be able to access and view their NFTs. In addition to this, all the NFTs purchased by the users shall continue to remain theirs. Moreover, any Dapper Balance to user accounts shall remain unaffected.
Nevertheless, the ban has received mixed reactions on crypto Twitter. While some users agree, some argue banning Russians means decentralization is lost in the process.
I don’t care if its @dapperlabs or whoever…
If you’re freezing “accounts,” you’re actively censoring in an industry that was founded around censorship resistance.
“B-b-but mAiNsTrEaM aDoPtIoN needs centralization…” I do not care. You’re a net negative to the space.
— shas🌸 (@XBT002) October 9, 2022
Who Are Dapper Labs?
Dapper Labs are the Canada-based web3 startup behind leading NFT projects such as NBA Top Shot, NFL All Day, UFC Strike, and the Flow blockchain. The company is at the forefront of building a high-impact digital world starting with games and entertainment.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.