Cryptocurrency exchange Kraken has banned Russian citizens from registering on the platform due to new European legislation.
As stated on the marketplace website, Kraken works with clients from all over the world. However, some countries are subject to restrictions due to international regulations related to finance and cryptocurrencies. Russia is among these “forbidden” countries – it is not on the list of states whose citizens can use the services of the exchange. When trying to create a new account in the territory of the Russian Federation, a notification pops up: “Kraken cannot serve customers in your region.”
In addition, many Russian Kraken users have reported receiving a notification from the platform. It states that in connection with the fifth package of EU sanctions, the exchange is obliged to limit the service to users from Russia, but they will be allowed to withdraw digital assets from the platform.
Recall that in February, the CEO of Kraken, Jesse Powell, said that he was not going to block the citizens of the Russian Federation, otherwise it would be contrary to the laws. According to Powell, if the platform could voluntarily block the accounts of users from countries that provoke violence around the world, then Kraken would freeze the accounts of American customers. However, Powell warned that if there is a legal requirement, the exchange will be obliged to close access to the site for the Russians, and they should be ready for this.
Source: Bits
I am an experienced journalist, writer, and editor with a passion for finance and business news. I have been working in the journalism field for over 6 years, covering a variety of topics from finance to technology. As an author at World Stock Market, I specialize in finance business-related topics.
