Kraken finally adopted the new sanction imposed by the European Union (EU) against Russian clients.
Kraken is a popular crypto exchange, which is known to provide trading of crypto assets under full security. Due to the better success of this exchange, it is standing at 4th rank after the FTX exchange.
In late February of this year, when the Russia vs Ukraine Conflict started, the majority of the western countries started to impose financial & trade sanctions on Russia. At that time the majority of the exchange confirmed that they will not ban all Russian customers because the crypto sector is the right of every person in the world. At that time Kraken & other exchanges banned only selected Russian crypto accounts, which were linked with Russian government entities.
But now in the latest, Kraken changed its heart and followed the sanctions imposed by the European Union (EU) on Russia. Now no one of Kraken’s Russian customers can use the platform but still, those banned users will be allowed to withdraw their funds without any kind of additional restrictions.
Earlier this month, EU lawmakers released their new sanction package against Russia, where they mentioned crypto services provider companies and asserted that all centralized crypto companies should follow the latest revised sanctions.
Earlier this, Other leading crypto companies like CryptoCom and BlockchainCom, imposed a ban on Russian users following the EU sanctions.
Russia vs Ukraine
Due to geopolitical matters, the Russian military started invasions on the Ukrainian military. The war is still going on at a very small level but none of these countries are trying to go back.
Under war situations, Ukraine grabbed funding support from almost every country, and also country openly accepted donations in crypto assets.
On the other hand, the crypto-hater country Russia brought many policies to bring a new crypto supported payment option, to bypass the international sanctions.