Coinbase Threaten to Block Russian Accounts, Demands Fund Withdrawal

Coinbase has reportedly told some of its users from Russia via letters that their accounts will be blocked on May 31.

According to the crypto page of the Russian business news portal RBC, Coinbase suggested that these customers withdraw their funds unless they provide documents indicating they are not subject to EU sanctions.

RBC quoting the correspondence, which stated that “until May 31, 2022, you must withdraw all funds from your account or provide us with special documents that confirm that you do not fall under these sanctions.”

After that date, the funds may be frozen and all assets transferred to the accounts in the future will also be blocked, RBC reported.

Earlier in May, Coinbase’s Chief Legal Officer Paul Grewal tweeted that the exchange could no longer provide services to certain Russian clients registered to the platform’s EU entities or located within the European Union.

Coinbase’s move follows Binance’s decision in April to limit services for Russian nationals and companies that have crypto assets exceeding €10,000 (close to $11,000) in value.