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NFTs News

Dapper Labs Explains Why It Is Blocking Russian Accounts

October 9, 2022 - Around 2 mins mins to read

Dapper Labs, an NFT startup, has verified that it is restricting cryptocurrency accounts with connections to Russia and said that this is due to new EU sanctions against Russia.

Dapper Labs Explains Why It Is Blocking Russian Accounts
DL Explains Why It Is Blocking Russian Accounts

Companies are not allowed to provide cryptocurrency wallet, account, or custody services to accounts connected to Russia under the restrictions. It further stated that the EU, which has instructed it to comply with the penalties, is where its payment service is situated.

According to the firm, Russian accounts are no longer permitted to make other transactions, withdraw NFTs from the platform, or buy, sell, or give NFTs.

Users still possess their NFTs and are able to view them, according to Dapper Labs, even though they are unable to access them.

Dapper Labs regarding the limitations

Dapper Labs Explains Why It Is Blocking Russian Accounts
DL Explains Why It Is Blocking Russian Accounts

The announcement follows several complaints from cryptocurrency users who were unable to access their accounts and the disclosure of email exchanges from Dapper Labs regarding the limitations.

CryptoKitties and the Flow blockchain, which is used by the NFT project NBA Top Shot and other projects, were both developed by Dapper Labs.

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Annie

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Author

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.