The EU has expanded its ban on extending cryptocurrency services to Russian citizens, in an eighth round of sanctions which were ratified on Thursday. The extended measures will be added to an existing round of sanctions that had been passed in April.
In a press release, the European Commission said, “The existing prohibitions on crypto assets have been tightened by banning all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet (previously up to €10,000 [$9,900] was allowed).”
Once Russian banks were disconnected from SWIFT, and Visa and Mastercard exited the Russian market, cryptocurrencies had become the dominant means by which Russians would move currency abroad.
This will mean EU crypto services operators may be required to stop servicing Russian citizens, unless the customers reside in the European Union.
In a report, Forbes warned that non-EU exchanges may decide to abide by this stricture voluntarily as well. When the EU had limited customer accounts to €10,000 in April, US exchange Binance chose to voluntarily abide by the restriction as well.