Kraken, the second largest US-based cryptocurrency exchange, announced that it has stopped its service to Russian users and that users can withdraw their funds on demand.
According to a report by Cointelegraph, Kraken has stopped its service to Russian users. The move, which is claimed to have been made due to new European legislation, is thought to have affected thousands of users. Wednesday, October 19 An email sent by Kraken to Russian customers on Monday read:
Due to new European legislation we have to take measures to restrict your Kraken account. In this context, the service we provide to our Russian users has been stopped. Russian users can withdraw their funds on demand. We’ll update our support center if anything changes. We apologize for any inconvenience.
Kraken to withdraw funds of Russian citizens from the stock market did not specify if there was a time limit. This interference by Kraken against Russian users, the former head of Gemini UK Blair HallidayThe fact that he was appointed as the new UK General Manager of the stock exchange attracted attention. Halliday before becoming general manager European integration chief He spent about three years at Gemini and it was stated that Kraken would take the lead role in European integration.
A Kraken spokesperson said:
We would like to point out that our company’s activities comply with “legal and regulatory requirements in all jurisdictions”. Since the EU’s announcement, we have been working to make the necessary changes to comply with the latest package of sanctions against Russia.
At the beginning of the Russia-Ukraine war, the pressure of the USA and the EU on the stock markets to stop the crypto money service offered to Russian users was remarkable. He was the manager of the Kraken exchange at the time. Jesse Powellstated that such a thing is out of the question, and that if the service offered to bullying is to be stopped, they should first impose sanctions on US users. But CEO Powell left his seat at Kraken in September, and from that point on, the process began to take a different turn.
Kraken is not the first exchange to impose sanctions on Russian users. Earlier Blockchain.com, Crypto.com and localBitcoins Many crypto exchanges, including many crypto exchanges, announced that they have ceased operations for Russians.