Animoca Becomes the First Major Crypto Company to Exclude Russian Users

02.03.2022 11:14
by Nina Petrov
1 min read

Animoca Brands Corp. Ltd becomes one of the first major crypto businesses that refuse to provide services to Russian citizens, due to the current political situation in Ukraine. Although other crypto companies and exchanges have been invited by Ukrainian officials to do the same, most of them still refuse to join the global economic sanctions against Russia.

Yat Siu, Animoca’s co-founder, stated that this decision isn’t going to negatively affect the company’s finances, as the share of Russian users isn’t that big.

Siu also pointed out that the decision was brought based on legal advice, and that doing business with countries such as Russia and North Korea is unacceptable for Animoca.

The Crypto industry is only beginning to participate in international sanctions against Russia, introduced immediately after the invasion of Ukraine started on February 24. The first to impose sanctions was the U.S. Treasury Department and European Union, excluding certain Russian banks from the SWIFT system.

Author

  • Nina Petrov is a theoretical mathematician, passionate about new trends in the global economy and blockchain technology. She is a devoted content creator and editor, crypto-enthusiast and stock market analyst.

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