The firm also states that its previous effort to ban accounts tied to Russia was prompted by a mandate from Circle, the big peer-to-peer payments technology company behind the stablecoin USDC and Dapper’s payment processing and stored value service partner.
The Dapper team wrote in the email:
“Circle holds custody over customer funds, and because they required immediate action, we had to comply with their direction in this instance and suspend accounts with connections to Russia, but we did not close any of these accounts.”
Dapper states that it is attempting to give help to the greatest degree possible within the law, as well as to find solutions for account holders. One such approach is the development of alternative NFT custody systems that let users shift NFTs away from Dapper.
Dapper Labs suspended accounts with connections to Russia on October 7 after receiving emails delivered to vulnerable individuals, CoinCu previously reported.
In accordance with recent EU sanctions, Dapper Labs is not alone in taking action against Russian-linked accounts. Last Monday, Blockchain.com and Crypto.com issued letters to impacted users outlining account limits, with the former permitting custodial cash to be withdrawn.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
New York, New York, May 7th, 2024, ChainwireSpectral is excited to announce its participation in…
CBOE proposes rule changes affecting Franklin Bitcoin ETF trading, potentially altering purchase timing for traders.
LOS ANGELES, United States, May 7th, 2024, ChainwireGlobal brands and talent will be able to…
Robinhood Wells Notice from the SEC indicates potential legal action over alleged securities violations in…
Blast Review, the first Layer 2 providing automatic profits to ETH assets and stablecoin holdings,…
Milan, Italy, May 7th, 2024, ChainwireCryptocurrency casino platform TG.Casino and iconic Italian football team AC…
This website uses cookies.