Dapper Labs Restricts Services to Russia Amid EU Sanctions
The collective that’s home to NFT collections NBA TopShot and Crypto Kitties will no longer support wallets, accounts, or custody services that are traced to Russia.
NFT powerhouse Dapper Labs has cut off payment services for non-fungible token owners with links to Russia, citing European Union sanctions in a Thursday blog post.
Dapper, the company behind popular NFT collections such as NBA Top Shot, said, “It is now prohibited to provide crypto-asset wallet, account or custody services of any value to accounts with connections to Russia.”
Impacted users can still look at their NFTs, but they cannot move funds, gift tokens, sell NFTs or buy new ones, Dapper said in the post, citing its payment processor.
On Thursday, the European Union confirmed its ban on transferring money to and from Russian crypto wallets, accounts and custody providers after proposals of the restrictions the week prior. This is a tightening of the EU’s limitations of Russian crypto wallet payments, which previously capped the amount at 10,000 euros in April. As of Thursday, Russian users cannot transfer any funds, including crypto funds, to or from the EU.
While crypto exchange OKX cut off its services in the country earlier this week, it's likely that more crypto products will follow as restrictions tighten.
Dapper did not respond to CoinDesk’s request for comment.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.