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Tuesday, May 21, 2024

The Crypto.com exchange asks users from Russia to immediately withdraw funds

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Crypto.com banned citizens of the Russian Federation from using the company’s services. Registration of users on the platform with a Russian phone number has not been completed since October 14.

The site has included the Russian Federation in the list of geographic restrictions for using the Crypto.com application. Bits.media turned to the company for clarification on the reasons for the blocking and the actions of Russian users in the current conditions.

Crypto.com reported that the introduction of restrictions for users from Russia is associated with new rules approved by the European Union.

Therefore, with Crypto.com services no longer available in Russia, users will no longer be able to use the company’s mobile app to buy, sell, exchange, or receive crypto assets, or to deposit fiat currencies into their wallet. Any outstanding crypto balance must be immediately withdrawn to a blockchain address of the user’s choice.

Also, all fiat currency balances held in the wallet will either be automatically transferred back to the original bank account or converted into USDC.

A Crypto.com customer support representative told Bits.media that all Russian clients will receive official instructions regarding their assets in the near future.

Historically, the Crypto.com exchange was registered in Singapore and was not subject to EU sanctions. However, on October 12, it became known that Crypto.com was opening a European regional headquarters in Paris and investing €150 million in a French office.

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Crypto investments come with high risk and you should always exercise caution when investing in any crypto asset. Investing in crypto carries a high level of risk, and may not be suitable for all investors. Any investment decisions made by you are made at your own risk and we are not responsible for any losses that may occur. Before investing, we recommend you consult a financial advisor to understand the risks and rewards associated with investing in crypto.

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