Crypto Exchange Kraken Halts All Services to Russian Citizens

Cryptocurrency exchange Kraken has sent out emails to its Russian clients stating the exchange is halting services to its Russian customers.

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“Due to the new European legislation, we have to take measures to restrict your Kraken account,” the company said.

“We will update our support center if there are any changes,” Kraken noted, adding: “We apologize for the inconvenience caused.”

Kraken didn’t specify whether there’s a time limit to withdraw the funds from the exchange for Russian citizens.

“Since the EU’s announcement, we have been working to make the changes needed to comply with the latest package of sanctions against Russia,” the company stated.

The latest restrictions on Kraken are not the first time the exchange has dealt with regulators forcing centralized exchanges to shut down certain accounts.

In February, former Kraken CEO Jesse Powell condemned the Canadian authorities for freezing crypto wallets involved in funding local COVID-19 protests.

He explicitly warned the public that Kraken could be forced to freeze some wallets by regulators, advising crypto investors to move crypto out of exchanges.

“If you’re worried about it, don’t keep your funds with any centralized or regulated custodian. We cannot protect you,” Powell said at the time.

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