Kraken Ends Contracts With Russian Users

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n an attempt to follow the European Union’s sanctions on Russia, major crypto exchange Kraken has announced its plans to restrict and eventually close services for Russian accounts. The latest development comes after the adoption of new Brussels-led penalties in response to Moscow’s continued aggression against Ukraine.

“Due to the new European legislation, we have to take measures to restrict your Kraken account. We will update our support center if there are any changes. We apologize for the inconvenience caused,” the firm said in a letter addressed to its users, obtained by financial news site Financefeeds.com

“Since the EU’s announcement, we have been working to make the changes needed to comply with the latest package of sanctions against Russia,” according to the statement.

At the same time, Kraken recognized that it will enable its Russian customers to withdraw funds from their accounts within a timely manner.

The European Commission has issued a new set of sanctions against Russia, which includes prohibiting cryptocurrency exchanges from providing digital asset-related services to Russian customers.

Mike

An editor at Coincrop

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Chris is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely assembling lego models.