Dapper Labs, a blockchain-based gaming startup, has ceased supporting all Russian-related accounts in line with EU policy, although users may still access and see their non-fungible tokens (NFTs).
Dapper Labs, a leader in NFT, shut down payment services for holders of non-fungible tokens with connections to Russia on Thursday, citing EU restrictions.
It is now forbidden to give crypto-asset wallet, account, or custody services of any value to accounts with ties to Russia, according to Dapper, the business that created well-known NFT collections including NBA Top Shot.
Affected users may still see their NFTs, but they are unable to transfer money, give away tokens, sell existing NFTs, or purchase new ones, according to Dapper, which cited their payment processor in the article.
Dapper Labs Following EU Policies
Following recommendations of the restrictions the week before, the European Union announced its prohibition on money transfers to and from Russian cryptocurrency wallets, accounts, and custody providers on Thursday. The EU has tightened its restrictions on payments from Russian cryptocurrency wallets, which had a prior ceiling of 10,000 euros in April. Russian users are unable to transfer any cash, including cryptocurrency payments, to or from the EU as of Thursday.
The business acknowledged that it carefully follows the activities of international regulators and the conflict between Russia and Ukraine. As a result, it could announce further limitations down the road.
This week, the cryptocurrency exchange OKX discontinued its operations there; but, as regulations get more stringent, it’s possible that other crypto companies will do the same.
War Crimes in Russia and Crypto
The US Treasury Department imposed sanctions on bitcoin accounts with Russian addresses about a month ago. All five locations belonged to Task Force Rusich, a paramilitary organization that had murdered troops in Ukraine. The financing company claims that the war criminals used digital assets to pay for their heinous deeds. The US Treasury Department is committed to continue supporting Ukraine’s military campaign and degrade Russia’s troops in whatever manner it can.
