{"id":7956,"date":"2022-10-20T10:47:35","date_gmt":"2022-10-20T10:47:35","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=7956"},"modified":"2022-10-20T10:47:36","modified_gmt":"2022-10-20T10:47:36","slug":"kraken-crypto-exchange-is-next-to-close-doors-to-russian-users","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=7956","title":{"rendered":"Kraken crypto exchange is next to close doors to Russian users"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Kraken is the latest cryptocurrency exchange to restrict accounts of Russian users on its platform in compliance with sanctions from the European Union.<\/p>\n<p>On Oct. 19, Kraken sent out email statements to its Russian clients to announce that the exchange is halting services to its Russian customers.<\/p>\n<p>\u201cDue to the new European legislation, we have to take measures to restrict your Kraken account,\u201d the company said. According to an email statement seen by Cointelegraph, Russian users would be able to withdraw their funds by request.<\/p>\n<p>\u201cWe will update our support center if there are any changes,\u201d Kraken noted, adding: \u201cWe apologize for the inconvenience caused.\u201d<\/p>\n<p>Kraken didn\u2019t specify whether there\u2019s a time limit to withdraw the funds from the exchange for Russian citizens. A spokesperson for Kraken told Cointelegraph that the firm complies with the \u201clegal and regulatory requirements in all jurisdictions\u201d of its operations. \u201cSince the EU\u2019s announcement, we have been working to make the changes needed to comply with the latest package of sanctions against Russia,\u201d the representative noted.<\/p>\n<p>The latest restrictions on Kraken are not the first time the exchange has dealt with regulators forcing centralized exchanges to shut down certain accounts.<\/p>\n<p>In February 2022, former Kraken CEO Jesse Powell condemned the Canadian authorities for freezing crypto wallets involved in funding local COVID-19 protests. He explicitly warned the public that Kraken could be forced to freeze some wallets by regulators, advising crypto investors to move crypto out of exchanges.<\/p>\n<p>\u201cIf you\u2019re worried about it, don\u2019t keep your funds with any centralized or regulated custodian. We cannot protect you,\u201d Powell said at the time.<\/p>\n<p>By restricting Russian users on its platform, Kraken joins the increasing number of global crypto exchanges and wallets that stopped servicing Russians in compliance with the latest EU sanctions against Russia.<\/p>\n<p>As previously reported, several crypto firms, including Blockchain.com, Crypto.com and LocalBitcoins, have ceased operations for Russians.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Russian users are welcomed by crypto exchanges in Kazakhstan, but there\u2019s a catch<\/em><\/strong><\/p>\n<p>Bitfinex, one of few exchanges that previously opposed banning non-sanctioned Russians from using its platform, appears to have been forced to comply with sanctions as well.<\/p>\n<p>\u201cWe comply with all the regulations under which we are bound and are monitoring this situation closely,\u201d Bitfinex\u2019s senior PR manager, Joe Morgan, told Cointelegraph on Oct. 20. Bitfinex chief technology officer Paolo Ardoino previously recommended that investors use noncustodial hardware wallets to better protect their funds.<\/p>\n<p>The new crypto sanctions are part of the EU\u2019s eighth package of sanctions that were imposed on Oct. 6. The sanctions put a blanket ban on any crypto transactions and payments between Europe-regulated companies and Russian users. The EU initially adopted its first crypto sanctions against Russia in April, limiting Russian users or residents from trading if their holdings exceeded 10,000 euros ($10,000) at the time.<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/kraken-crypto-exchange-is-next-to-close-doors-to-russian-users\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kraken is the latest cryptocurrency exchange to restrict accounts of Russian users on its platform in compliance with sanctions from the European Union. On Oct. 19, Kraken sent out email statements to its Russian clients to announce that the exchange is halting services to its Russian customers. \u201cDue to the new European legislation, we have [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7957,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-7956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7956","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7956"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7956\/revisions"}],"predecessor-version":[{"id":7958,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/7956\/revisions\/7958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/7957"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}