TrustWallet: Pressure or Conspiracy?
20.02.2024
News
Under sanctions. Where can Russians now work with cryptocurrency?
For users from Russia, the options for investing in digital currencies are becoming fewer and fewer. However, some services continue to provide full-fledged services despite EU and US restrictions
In the spring of 2022, Russians began to lose access to many crypto services, as well as falling under various restrictions. Among the first crypto exchanges to sanction users from Russia were the platforms BTC-Alpha and CEX IO. The first stopped working with Russians, the second suspended the registration of new accounts from Russia, Ukraine and Belarus, and then closed the possibility of deposit and withdrawal of funds for such clients.
Also among those who restricted access to Russians in the spring were the largest South Korean crypto exchanges Bithimb, Upbit, Gopax, Korbit and Coinone. They not only blocked access to their trading platforms for Russian residents, but also blacklisted Russian IP addresses. The companies explained their actions by the recommendations of the Financial Action Task Force (FATF) and the US and EU sanctions against Russia.
In August, MetaMask users from Russia also began losing access to their cryptocurrency wallets. The company did not officially announce sanctions against Russians, but in late February warned that the service may not work in some regions due to legal requirements.
The same happened with Trustwallet: many users complain that since February 20 this year, the cryptocurrency exchange Binance affected its subsidiary Trustwallet, which led to restrictions on deposits of at least $20,000. Your transaction goes into cloud storage, and you can only get the amount back after confirming the origin. That is, you must have at least 15% of the transfer amount in your wallet.
Is this good or bad? Of course, bad, because many users are afraid to simply store their cryptocurrency on online resources. Today, some of the safest wallets are hardware wallets, but it is not always convenient to use, but it is reliable.
For users from Russia, the options for investing in digital currencies are becoming fewer and fewer. However, some services continue to provide full-fledged services despite EU and US restrictions
In the spring of 2022, Russians began to lose access to many crypto services, as well as falling under various restrictions. Among the first crypto exchanges to sanction users from Russia were the platforms BTC-Alpha and CEX IO. The first stopped working with Russians, the second suspended the registration of new accounts from Russia, Ukraine and Belarus, and then closed the possibility of deposit and withdrawal of funds for such clients.
Also among those who restricted access to Russians in the spring were the largest South Korean crypto exchanges Bithimb, Upbit, Gopax, Korbit and Coinone. They not only blocked access to their trading platforms for Russian residents, but also blacklisted Russian IP addresses. The companies explained their actions by the recommendations of the Financial Action Task Force (FATF) and the US and EU sanctions against Russia.
In August, MetaMask users from Russia also began losing access to their cryptocurrency wallets. The company did not officially announce sanctions against Russians, but in late February warned that the service may not work in some regions due to legal requirements.
The same happened with Trustwallet: many users complain that since February 20 this year, the cryptocurrency exchange Binance affected its subsidiary Trustwallet, which led to restrictions on deposits of at least $20,000. Your transaction goes into cloud storage, and you can only get the amount back after confirming the origin. That is, you must have at least 15% of the transfer amount in your wallet.
Is this good or bad? Of course, bad, because many users are afraid to simply store their cryptocurrency on online resources. Today, some of the safest wallets are hardware wallets, but it is not always convenient to use, but it is reliable.
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