• Some of Coinbase’s Russian customers have been sent letters informing them that their accounts will be blocked by May 31.
• The funds in these users’ accounts can be frozen and all assets that are transferred to these accounts will also be blocked.
• Coinbase (NASDAQ 🙂 will work with affected clients to show that some sanctions don’t apply.

Coinbase, an American crypto exchange leader, warned Russian users that accounts might be blocked before May ends.

According to the Russian news portal, RBC, some of Coinbase’s Russian customers have been sent letters informing them that their accounts will be blocked by May 31. These customers have been given the opportunity to submit documents to prove they aren’t subject to EU sanctions.

The documents specifically stated that “until May 31, you must withdraw all funds from your account or provide us with special documents that confirm that you do not fall under these sanctions.”

According to RBC Crypto, Coinbase’s support team warned that after May 31, the funds in these users’ accounts can be frozen and all assets that are transferred to these accounts will also be blocked.

This announcement came after Paul Grewal, Coinbase’s Chief Legal Officer, Tweeted that the exchange could no longer provide services to Russian clients who are registered to the platform’s EU entities or located within the European Union.

Grewal mentioned that Coinbase was working with affected clients. They will also give them plenty of opportunity to show that some sanctions don’t apply to them. These clients will be able to withdraw their money from Coinbase, if they are subject to sanctions.

Coinbase will still provide non-sanctioned services to users that are not within the EU.

This announcement by Coinbase follows Binance’s decision in April to limit services for Russian nationals and companies that have crypto assets worth more than around $11,000.

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