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Canadian company Dapper Labs has blocked operations with non-fungible tokens (NFTs) for Russian accounts. The move follows a new round of sanctions recently imposed by the EU which prohibit the provision of crypto-related services to Russian residents and entities.<\/strong><\/p>\n Dapper Labs, the creators of the Flow blockchain network and projects like Cryptokitties<\/a> and NBA Top Shot<\/a>, has complied with the new restrictive measures adopted by the European Union in response to Russia\u2019s military intervention in Ukraine.<\/p>\n The eighth package of EU sanctions was approved<\/a> by Brussels on Thursday, Oct. 6, after the latest escalation of the conflict with Russia announcing partial mobilization and taking steps to annex four Ukrainian regions through what the bloc sees as fake referendums.<\/p>\n The penalties, targeting the Russian economy, government and foreign trade, also feature financial measures affecting the business activities of crypto companies. The latter have been prohibited from providing any wallet, account, or custody services to Russian nationals.<\/p>\n The restrictions apply regardless of the amount of digital assets, tightening the regime in comparison with the fifth round of sanctions imposed earlier this year, when only \u201chigh-value\u201d crypto-asset services were banned, those for crypto holdings exceeding \u20ac10,000 ($11,000 at the time).<\/p>\n \u201cOur payment processing and stored value service partner is subject to EU regulations and has directed us to take action on all accounts held by those impacted by the Oct. 6 restrictions, consistent with EU law,\u201d Dapper Labs explained in a notice published on its website.<\/p>\n As a result, the company said, Dapper has had to suspend accounts with connections to Russia from the purchase, sale, or gifting of any Moment<\/a> across all Dapper Sports, any withdrawals from Dapper accounts, and Dapper balance purchases.<\/p>\n The NFT platform pointed out, however, that the accounts were not closed. Impacted users will be able to access them and view their tokens. They will also keep any previously purchased NFTs. \u201cAny Moments you own and any Dapper Balance continue to be your property,\u201d Dapper assured while apologizing for any inconvenience.<\/p>\n Other crypto companies with presence in Europe are likely to adopt similar measures but the restrictions may not affect all global platforms. For example, Binance has reportedly informed users in Russia it did not introduce new restrictions, according to Russian crypto media. That\u2019s despite the world\u2019s largest crypto exchange complying with the previous round of European crypto sanctions.<\/p>\nNFT Platform Dapper Labs Conforms to Latest EU Restrictions Against Russian Federation<\/h2>\n
Russian Users to Keep NFTs Bought Before Ban and Have Access to Their Accounts<\/h2>\n