What's Hot

    VS ChatGPT Analysts: Bitcoin Forecast

    05.06.2023

    BNB rate plummets amid SEC lawsuit against Binance

    05.06.2023

    Bitcoin developers want to block memcoins

    05.06.2023
    Facebook Twitter Instagram
    Monday, June 5
    Facebook Twitter Instagram
    Crypto News
    • Home
    • Bitcoin
    • Ethereum
      • Altcoins
      • ICO
    • Analytics
    • Blockchain
    • Other
      • DeFi
      • Mining
      • Regulators
      • Security
    Crypto News
    Home»Analytics»“It’s time to withdraw cryptocurrency.” How new sanctions may affect Russians
    2e75a594120ae780f9e089df103af6746a24563d
    Analytics

    “It’s time to withdraw cryptocurrency.” How new sanctions may affect Russians

    AdministratorBy Administrator29.09.2022No Comments4 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email



    Analytics

    Reading time: ~2 m


    Lawyers assessed the likelihood of introducing strict restrictions on Russian users of crypto-exchanges and told which services may be at risk

    New EU sanctions will ban European companies from providing crypto wallets, accounts, or crypto storage services to Russian citizens or organizations registered in the country, Bloomberg claims, citing a source.

    The Binance crypto exchange, which complies with EU sanctions, told RBC-Crypto that they did not introduce any additional restrictions for Russians. The company continues to operate as usual and recommended that users follow only official announcements.

    In April, the site restricted access for users who live in Russia and have assets worth more than €10,000. Such site clients can only use the withdrawal function. The measures were taken in accordance with the fifth package of EU anti-Russian sanctions.

    Experts assessed the likelihood of introducing new restrictions on users from Russia and told which services could be at risk.

    “It is worth starting to withdraw cryptocurrency from foreign services”

    The scenario of imposing strict restrictions on users from Russia is quite realistic, says Andrey Tugarin, Managing Partner at GMT Legal. According to him, this is confirmed by the fact that Russian users have already come under restrictions from a number of crypto platforms in connection with the sanctions of this year. Many cryptocurrency exchanges have completely refused to serve Russian users by blocking their accounts.

    In the spring, various restrictions were imposed on Russian, Ukrainian and Belarusian users by the cryptocurrency exchanges Gopax, CEX IO, KUNA, Qmall and BTC-Alpha.

    In the event of the introduction of new restrictions, an essential point will be the jurisdiction in which the crypto service is registered (cryptocurrency exchange, wallet, exchanger – VASP (virtual asset service provider), the lawyer added. It depends on the location whether the company is obliged to comply with any restrictions , “dictated” by the sanctions.

    “However, we should not forget about the spread of secondary sanctions. Even if sanctions apply to a particular country and they come, for example, from the American government, and nearby countries do not accept / ignore them, then these sanctions can also apply to these countries, ”the specialist warned.

    According to Tugarin, it is worth starting to withdraw cryptocurrency from foreign services, and you can store it using non-custodial wallets. Such applications cannot freeze or manage user funds, but they are not responsible for their safety.

    “It is impossible to exclude situations when the owners of cryptocurrencies will face problems”

    A complete ban on the provision of services to Russians is logical and makes the sanction really effective, such a measure may be a reaction to the recently announced plans of the Russian government to allow the use of cryptocurrencies in international settlements, Mikhail Zhuzhzhalov, senior lawyer at Tomashevskaya & Partners law firm, suggested.

    Since the current ban applies to all Russians, it is likely that the upcoming ban will have a similar scope, the expert added. The consequence of the ban will not be the freezing of crypto assets, but the refusal to provide services.

    “As a rule, the terms of use of the services in this case stipulate that the crypto assets will be transferred to their owner, however, situations cannot be ruled out when the owners will encounter problems, for example, if the provider does not have enough cryptocurrency if he stored it on a common account along with the cryptocurrency of other users, as well as with their own funds, ”Zhuzhzhalov warned.

    Ekaterina Popova, Operations Director of the ITS WM multi-family office, called possible new sanctions against Russian cryptocurrency holders “very expected.” Popova believes that new restrictions are “begging”, based on the rhetoric of European financial regulators.

    The news about possible sanctions against Russians is a signal for those who still hold funds on European licensed crypto exchanges, Dmitry Machikhin, CEO of the BitOK service, added.

    “This is a signal that it is time to withdraw assets. There’s nothing you can do about it,” he concluded.




    #time #withdraw #cryptocurrency #sanctions #affect #Russians

    affect cryptocurrency Russians Sanctions time withdraw
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Avatar of Administrator
    Administrator

    Related Posts

    The neural network completed the Terra Classic price forecast for June 30

    05.06.2023

    Polygon Price Approaching Critical Resistance

    05.06.2023

    Trader predicts XRP price to exceed resistance by $0.6

    05.06.2023

    Analyst predicts the transfer of capital from altcoins to bitcoin

    05.06.2023
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts
    • VS ChatGPT Analysts: Bitcoin Forecast
    • BNB rate plummets amid SEC lawsuit against Binance
    • Bitcoin developers want to block memcoins
    • The neural network completed the Terra Classic price forecast for June 30
    • Ethereum co-founder transferred $41 million to the Kraken exchange
    Recent Comments
    • 수원출장 on A professor from a US university restored the Tornado Cash code to GitHub
    • 123 on Taproot support added to LND Lightning client
    • houston junk car buyer on 16,000% increase in social media mentions in 2021 Shiba inu
    • Jim Carrey Memy on Bitwise Launches NFT Tracking Index Fund
    • hotshot bald cop on Kava developers launch testnet with EVM support
    Archives
    • June 2023
    • May 2023
    • April 2023
    • March 2023
    • February 2023
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    Categories
    • Altcoins
    • Analytics
    • Bitcoin
    • Blockchain
    • Ethereum
    • ICO
    • Mining
    • Other
    • Regulators
    • Security
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Top Posts

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Advertisement
    Demo
    Facebook Twitter Instagram Telegram
    • Home
    • Bitcoin
    • Ethereum
    • ICO
    © 2023 Bt-Crow.com - CryptoNews

    Type above and press Enter to search. Press Esc to cancel.