OpenSea prohibits Iranian users, according to the US sanctions list

Iranian OpenSea users allege their accounts have been suspended from the US-based non-fungible token (NFT) marketplace, joining a growing list of users -facing restrictions from cryptocurrency-related service providers as a result of sanctions against the Iranian government.

Today marks the ninth day of Russia’s invasion of Ukraine. The attacks have been condemned by governments all around the world, NATO, and the United Nations. In order to put an end to the invasion quickly, governments have imposed harsh penalties on Russia.

Concerns that Russia will use digital assets to evade sanctions prompted the Ukrainian government to ask crypto exchanges to freeze all Russian accounts. Crypto exchanges were adamant about not enacting blanket prohibitions.

OpenSea Imposes Blanket Ban as Pressure Mounts on Crypto Exchanges

Russian sanctioned companies and individuals will be targeted by cryptocurrency exchanges. Binance, Coinbase, and Kraken all denied a request for a blanket ban on Russians earlier this week. According to the platforms, they will target individuals and companies in accordance with Russian sanctions. Binance CEO CZ even went on to add that “blocking all Russian accounts would be unethical.”

However, the pressure on cryptocurrency exchanges has increased. The National Security Council of the White House and the Treasury Department sent an order to the main cryptocurrency exchanges this week. The Biden Administration, according to the article, has asked crypto exchanges to “guarantee that Russians do not utilize crypto as an escape.”

With Binance, Coinbase, and FTX in talks with the White House, it’s possible that exchanges will reconsider their stance on Russian account holders. Cryptocurrency exchanges aren’t the only ones. The NFT marketplace OpenSea has been forced to act as a result of the shift in focus to digital assets.

According to Forbes, OpenSea abruptly removed Iranian users from its portal. While other crypto exchanges target sanctioned persons, OpenSea has blocked customers depending on their location. “OpenSea prevents users and areas on the US sanctions list from utilizing our services,” an OpenSea spokeswoman said.

OpenSea’s plan to target US-sanctioned countries will undoubtedly increase pressure on crypto exchanges to follow suit.

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