(MENAFN) As part of its eighth set of penalties announced on Thursday, the EU placed a broad restriction on supplying crypto services to Russians. The latest policy tightens limits in place since April.
“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),” according to press release launched on the European Commission’s website.
After Visa and Mastercard exited the Russian market earlier this year, and certain banks were disconnected from SWIFT, cryptocurrencies, particularly stablecoin USDT, became one of the most popular ways for Russians to transfer money outside.
Crypto service providers based in the EU may be forced to cease processing transactions with Russians unless the clients are EU residents, Forbes Russia reported on Thursday.
Forbes Russia has warned that non-EU networks may follow following. After the EU imposed a €10,000 restriction in April, US-registered Binance, one of the most popular exchanges among Russians, followed suit.
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