Dapper has been directed to implement the limits on these accounts under EU legislation since its payment processing and stored value service partner is subject to EU regulations.
After the European Union (EU) imposed additional restrictions on Russia and its citizens.
The latest set of EU sanctions on Russia was announced on October 6. The sanctions include a complete ban on the supply of crypto-asset wallets, accounts, and custody services, regardless of the overall value of the assets.
Following the announcement of the sanctions, Dapper stated that accounts with Russian connections will no longer be able to sell, buy, or gift nonfungible tokens (NFTs), withdraw payments from their accounts or add to their balances.
The firm outlined that its payment processing and stored value service partner is subject to EU regulations. As a result, Dapper has been directed to impose the restrictions on these accounts under EU legislation.
“Dapper, on the other hand, has not banned the accounts. Users who have been affected by these acts can still access and view their NFTs. Furthermore, regardless of the new regulation, any NFT previously acquired by an impacted user remains the user's property,” according to the firm.
The sanctions imposed on Russia include a complete ban on cross-border crypto transfers between Russians and the EU, as well as the banning of any crypto-asset wallets, accounts, or custodial services, regardless of the wallet's value.
Dapper's decision to bar access to Russians is another example of a crypto-related firm bowing to regulatory pressure in order to avoid compliance concerns, similar to the Tornado Cash crypto mixer debacle in August.
Dapper is a centralized firm with a reported worth of $7.6 billion headquartered in Vancouver, Canada. Dapper has launched a slew of successful NFT projects alongside the Flow blockchain, including NBA Top Shot, NFL All Day, and Crypto Kitties.
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