Dapper Labs Discontinues Russian Services Amid EU Sanctions

Russia Deploys Digital Tool For Tracking Crypto Transactions
  • Dapper Labs has suspended Russian accounts amid the European Union’s recent sanctions.
  • Impacted users will be unable to buy, sell, or gift digital collectibles across several platforms.

Dapper Labs, the blockchain and NFT-based platform have halted Russian accounts following the recent sanctions imposed by the European Union (EU) on Russia and its citizens. According to the announcement from the platform, the accounts with links to Russia will no longer be able to buy, sell or gift non-fungible tokens (NFTs), withdraw money from Dapper accounts, or add to their balances. 

Dapper Labs stated: 

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.

The European Union imposed a set of sanctions on Russia on October 6, due to the ongoing conflict in Ukraine. According to the EU, the provision of crypto-asset wallets, accounts, and custody services is entirely prohibited and this prohibition applies regardless of the total value of the assets.

New Restrictions From the EU

Nevertheless, the NFT specialized Dapper declared that the platform has not yet closed the accounts. The users who have been affected by the latest acts can still access and view their NFTs and can continue to own any NFT that remains under the user’s ownership.

Dapper added: 

Any Moments you own and any Dapper Balance continue to be your property.

Moreover, the EU sanctions reflect a step forward from earlier limitations on cryptocurrencies, which were enacted in April. Russian cryptocurrency wallet payments are now subject to stricter EU restrictions than before when the limit was set at 10,000 euros in April. 

Dapper Labs, the Canadian-based centralized platform is estimated to be worth $7.6 billion. The firm introduced many well-known NFT projects including NBA Top Shot, NFL All Day, and Crypto Kitties. 

Recommended For You

A passionate content writer, particularly interested in sports writing. Always keen to explore crypto world.