Satoshi Labs has stopped shipping Trezor wallets to Russia in compliance with the U.S. sanction order against Russia.
Satoshi Labs announced that it would no longer be sending its cold wallet shipments to Russia. The Ukraine-Russia crisis has pushed Russians to explore securing their finances in cryptocurrencies. Although some exchanges are still operating in Russia, Satoshi Lab’s withdrawal is a massive blow for the country’s blockchain industry.
Crypto Exchanges Torn Between Compliance and Maintaining Decentralization
Some crypto firms are also adjusting their Russian market activities to comply with the economic sanction against Russia. Crypto exchange Coinbase also announced that it was building a multi-layered, worldwide sanctions program for citizens in Russia. The exchange revealed that it had blocked 25,000 addresses suspected to be tied to Russian citizens and businesses engaging in illicit activities.
Coinbase is keen to ensure that frozen accounts are linked to illegal activities. The exchange’s CEO Brian Armstrong stated that cryptocurrency could be a lifeline to innocent Russian citizens.
As crypto exchanges seek to uphold the request of authorities, there is also of maintaining decentralization, which is the identity of the digital assets. Kraken came out and said it would not stop its services in Russia. Binance did not halt its services but proceeded to block the accounts of those on the sanction list.
Although not many cryptocurrency businesses have complied with the sanction order against Russia, they have acted in unison in support of Ukraine. The donations pouring into Ukraine in cryptocurrency are reportedly over $50 million. Satoshi Labs donated a total of one million euros in BTC to Ukraine.
Other Companies Participating in the Economic Sanction against Russia
Apart from the crypto firms, traditional payment processors PayPal, Mastercard, and Visa have also halted their services in the country. Google is also participating in sanctions order. The company suspended ad revenues in Russia and increased Ukrainian users’ security. Tech companies Apple and Microsoft have also stopped new product sales. On the other hand, Meta has restricted access to Russian media outlets Russia Today and Sputnik.
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