Cryptocurrency exchange Kraken becomes the latest platform to allow restriction of Russian users on its platform on account of compliance with sanctions from the European Union, as reported by Cointelegraph.
According to Cointelegraph, on October 19, 2022, Kraken unveiled email statements to its Russian clients for making the announcement that the exchange is stopping services to its Russian customers. Insights from an email statement showed that Russian users would be able to withdraw their funds by request.
On the basis of information by Cointelegraph, Kraken did provide any specification on account of a time limit to withdraw funds from the exchange for Russian citizens. A Kraken’s spokesperson spoke on the firm’s compliance with legal and regulatory requirements in all jurisdictions of its operations. “Since the EU’s announcement, we have been working to make the changes needed to comply with the latest package of sanctions against Russia,” the representative highlighted.
Moreover, Cointelegraph noted that in February, 2022, Jesse Powell, former CEO, Kraken, made a statement to condemn Canadian authorities for freezing cryptocurrency wallets involved in the funding of local COVID-19 protests. Powell even warned the public that Kraken could be coerced to freeze certain wallets by regulators, advising cryptocurrency investors to move cryptocurrency out of exchanges.
“If you’re worried about it, don’t keep your funds with any centralized or regulated custodian. We cannot protect you,” Powell said at the time. Previously, Powell opposed the banning of non-sanctioned Russians from using the platform, since then appears to have been forced to comply with sanctions. “We comply with all the regulations under which we are bound and are monitoring this situation closely,” Joe Morgan, senior PR manager, Bifinex, told on October 20, 2022. Paolo Ardoino, chief technology officer, Bitfinex, previously made the recommendation that investors make use of noncustodial hardware wallets to ensure better security of their funds.
(With insights from Cointelegraph)
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