WalletConnect restricts use in Russia, citing OFAC guidelines

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By BitcoinWiki News

Key Takeaways:

  • WalletConnect restricts access for customers in Russia due to latest legal and OFAC guidance.
  • Restricted availability of WalletConnect Protocol in Russia.
  • OFAC (U.S. Treasury’s Office of Foreign Assets Control) targeted flow of crypto in Russia.
  • OFAC guidelines expect virtual currency operators to avoid sanctions violations.
  • CEO Pedro Gomes announces restriction on users in Russia.
  • Temporary restriction on Ukraine IP addresses due to compliance with sanctions.
  • No other non-sanctioned countries were blocked.
  • Article provided for informational purposes only, not legal, tax, investment, financial advice.

Web3 startup WalletConnect has announced that it will restrict access for customers in Russia due to “the latest legal and OFAC guidance.” The company’s CEO, Pedro Gomes, stated that the move was made in response to OFAC’s targeting of crypto flow in Russia, which has increased due to the ongoing Russia-Ukraine war. In 2021, OFAC published guidelines that expect virtual currency operators to avoid sanctions violations. Gomes also clarified that Ukraine was temporarily impacted by the restrictions until areas not impacted by sanctions could be switched back on. The company emphasized that no other non-sanctioned countries were blocked.

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