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Kraken Closes Accounts of All Russian Users

US-Based Crypto Exchange Kraken Closes Accounts of All Russian Users

The US-based cryptocurrency exchange has closed the accounts of all Russian users. After this action Kraken has joined the list of platforms that have restricted their services for Russian users.

Kraken took this decision following the latest set of sanctions imposed on Russia by the European Union (EU) for the invasion of Ukraine. Before Kraken, other crypto exchanges including BlockchainCom, CryptoCom, and more have already ended ties with Russian users.

In February Russian Army started strikes in Ukraine and these attacks by Russia’s military still continue. Thousands of people have lost their houses and lives. After this western world started to boycott Russia, many countries imposed financial and economic sanctions on Russia and try to make them back but there is little or no success so far.

The cryptocurrency industry is also involved in these sanctions on Russia, and several companies have also stopped providing services to Russian clients.

Initially, the California-based exchange Kraken refused to follow the suit against Russia. Jesse Powell CEO of Kraken argued that “bitcoin is the embodiment of libertarian values” so Kraken will not curb Russian customers without any legal requirements to do so.

At starting of October EU slammed Russia with another package of sanctions to stop cryptocurrency transactions between Russia and European wallet providers. These fresh sanctions prompted Kraken to take a U-turn and close all Russian user’s accounts.

Kraken also said all Russian users will be able to withdraw their funds even after account closure. “We will update our support center if there are any changes. We apologize for the inconvenience caused”, Kraken added.

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