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Dapper Labs Restricts Services to Russia Amid EU Sanctions
The collective that’s home to NFT collections NBA TopShot and Crypto Kitties will no longer support wallets, accounts, or custody services that are traced to Russia.
By Cam Thompson
Updated Oct 10, 2022, 3:47 p.m. Published Oct 7, 2022, 8:23 p.m.
NFT powerhouse Dapper Labs has cut off payment services for non-fungible token owners with links to Russia, citing European Union sanctions in a Thursday blog post.
Dapper, the company behind popular NFT collections such as NBA Top Shot, said, “It is now prohibited to provide crypto-asset wallet, account or custody services of any value to accounts with connections to Russia.”
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Impacted users can still look at their NFTs, but they cannot move funds, gift tokens, sell NFTs or buy new ones, Dapper said in the post, citing its payment processor.
On Thursday, the European Union confirmed its ban on transferring money to and from Russian crypto wallets, accounts and custody providers after proposals of the restrictions the week prior. This is a tightening of the EU’s limitations of Russian crypto wallet payments, which previously capped the amount at 10,000 euros in April. As of Thursday, Russian users cannot transfer any funds, including crypto funds, to or from the EU.
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While crypto exchange OKX cut off its services in the country earlier this week, it's likely that more crypto products will follow as restrictions tighten.
Dapper did not respond to CoinDesk’s request for comment.
Read more: EU’s Russian Crypto Ban Confirmed as Bloc Tightens Sanctions
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Fintech and Crypto Firms Seek Bank Charters Under Trump Administration: Reuters
Financial technology and crypto firms are increasingly applying for state or national bank charters, despite the community’s historical resistance to centralized banking.
Ano ang dapat malaman:
- Fintech and crypto firms are increasingly applying for bank charters, anticipating a more favorable regulatory landscape.
- Becoming a bank allows firms to accept deposits and lower borrowing costs but brings stricter oversight.
- Regulatory bodies have historically approved few new bank charters, though recent signals suggest a more streamlined process.
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