BlockNews
FOLLOW ON X
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
  • CRYPTO
  • FINANCE
  • POLITICS
  • MEMECOINS
  • NFT
  • TECHNOLOGY
  • OPINION
No Result
View All Result
BlockNews
Home BUSINESS

Kraken Crypto Exchange Complies With EU Sanctions Against Russia

by BlockNews Team
October 24, 2022
in BUSINESS, CRYPTO, POLITICS
Reading Time: 4 mins read
A A
1
SHARES
14
VIEWS
Share on XShare in TelegramShare on Reddit

United States-based Kraken is the latest to join the long list of crypto exchanges that have restricted accounts of their Russian users in compliance with European Union (EU) sanctions against Russia.

Kraken Halts Services To Russian Clients

Last Wednesday, the San Francisco-based crypto trading platform informed its Russian clients through email messages that the exchange would no longer offer cryptocurrency services. The email message on October 19 read, “Due to the new European legislation, we have to take measures to restrict your Kraken account.” The announcement also informed Russian users that they could withdraw funds by requesting Kraken.

“We will update our support center if there are any changes. We apologize for the inconvenience caused,” the Kraken email statement added.

Kraken confirmed that it was taking this move to conform to the EU’s new sanctions package.

“Kraken complies with the legal and regulatory requirements in all jurisdictions we operate in. Since the EU’s announcement, we have been working to make the changes needed to comply with the latest package of sanctions against Russia.”

However, the crypto firm did not specify whether there was a time limit within which Russian clients should withdraw from the platform.

Kraken’s decision to close the door on its Russian users follows the EU’s announcement of its latest sanctions package, placing a complete ban on all international crypto transfers between Russia and its residents. The new package was released as part of the sanctions the EU Council has put in place since 2014, intending to punish the vast Eurasian country for its invasion of and aggression against Ukraine. 

The EU council released the latest restrictions in an October 6 Twitter post noting:

“The EU has adopted new sanctions in response to Russia’s annexation of Ukraine. These include: introducing an oil price cap into EU law and additional trade restrictions.”

The newest sanctions enforce a blanket ban on all crypto payments flowing from the EU into Russia. Previously, these transfers were limited to 10,000 euros (~$9,800).

With this move, Kraken joins other crypto companies that have decided to deny services to users in Russia. Firms like Blockchain.com, Crypto.com, and Local Bitcoins announced last week that they would ban Russian users from accessing their services.

Kraken’s Change Of Heart

The news contradicts Kraken’s statements earlier in the year that it would keep offering its services to Russian users, saying that such a move would be “unfair” to the average Russian who may be opposed to the war.

In March, Kraken’s co-founder and former CEO Jesse Powell said that denying Russian customers access to their accounts was an extreme measure” that is “far beyond turning off someone’s access to their music streaming service, or their photo sharing app.”

In February, a Ukraine government official posted a statement on Twitter requesting “all major crypto exchanges to block addresses of Russian users.” 

Powell responded to this call by saying that Kraken was not ready to do that without a legal obligation. He said:

“I understand the rationale for this request, but, despite my deep respect for the Ukrainian people, @krakenfx cannot freeze the accounts of our Russian clients without a legal requirement to do so. Russians should know that such a requirement could be imminent. #NYKNYC.”

Despite the latest restrictions, there are crypto exchanges that are still offering services to Russian users. Binance, the largest crypto trading platform in the world, is still debating whether to comply with the sanctions fully or not. Another digital asset exchange Garantex has not yet implemented the restrictions and continues to offer Russian customers a wide range of crypto services.

Others who are yet to implement the ban are Mexc Global, OKX, KuCoin, and Huobi Global. Singapore-based crypto firm ByBit has affirmed its commitment to support transparent and decentralized rights adding that it will not impose restrictions on Russian users, many of whom may be opposed to the government’s actions and the war in Ukraine.

Tags: EU SanctionsKrakenRussia
TweetShareShare
Previous Post

Genesis Chief Officer Leaves Crypto Firm After Just 3 Months

Next Post

Here is the Iconic Project Combing the Worlds of Web3 and Muhammad Ali

DON'T MISS THESE! HOT OFF THE PRESS

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?
CRYPTO

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?

July 1, 2025
Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling
CRYPTO

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?
CRYPTO

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak
CRYPTO

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party
CRYPTO

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Toncoin and Telegram: The Sleeping Giant of 2025?
BITCOIN

Toncoin and Telegram: The Sleeping Giant of 2025?

July 1, 2025
Load More

Related News

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?

Pepe Coin’s Wild Rebound: Bull Trap or Breakout Brewing?

July 1, 2025
Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

Anime 2.0 Revealed: Studio Azuki and the New Wave of Anime Storytelling

July 1, 2025
Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

Pi Coin in July 2025: Rebound Brewing or Another Breakdown?

July 1, 2025
VeChain Struggles to Regain Steam After December Peak

VeChain Struggles to Regain Steam After December Peak

July 1, 2025
Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

Shiba Inu’s Golden Cross Sparks $110M Whale Surge as Pippen Joins the Party

July 1, 2025
Twitter Telegram Threads

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano Chainlink China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • HOME
  • CRYPTO
  • MEMECOINS
  • TECHNOLOGY
  • POLITICS
  • FINANCE
  • NFT
  • DEFI
  • GUIDES

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.