In response, EIDumboTS, who claims to be a Dapper employee, reiterated that the firm was “directed” to take this action on the Russian accounts and therefore had its hands tied in this situation. On Twitter, user XBT002 criticized Dapper over the move, as they argued that it works against the censorship-resistant notion of blockchain tech: “If you’re freezing ‘accounts,’ you’re actively censoring in an industry that was founded around censorship resistance.” With Dapper following orders to bar access to Russians, it marks another occasion in which a crypto-related company has had to yield to regulatory pressure to avoid compliance issues, much like the Tornado Cash crypto mixer debacle from August. The sanctions on Russia include a complete ban on cross-border crypto payments between Russians and the EU, which also results in the prohibition of “all crypto-asset wallets, accounts, or custody services, irrespective of the amount of the wallet.”
Additionally, regardless of this new regulation, any NFT previously purchased by an impacted user continues to belong to that user,” the firm stated. Users impacted by these actions can continue to access and view their NFTs. “However, Dapper has not closed the accounts. The firm outlined that as its “payment processing and stored value service partner is subject to EU regulations,” Dapper has been directed to impose the restrictions on these accounts under EU law.
DAPPER ACCOUNT FULL
6, the latest set of EU sanctions on Russia stipulates a full ban on the provision of crypto-asset wallets, accounts and custody services, regardless of the total value of the assets.įollowing the sanction announcement, Dapper stated that accounts with connections to Russia will no longer be able to sell, purchase or gift nonfungible tokens (NFTs), withdraw funds from their accounts or add to their balances, stating: “It is now prohibited to provide crypto-asset wallet, account, or custody services of any value to accounts with connections to Russia, irrespective of the amount of the wallet.” This is so that all of our users have the chance to complete migration without issues.Īfter the marketplace is re-opened, only users who have Dapper Wallets will be able to buy and sell NFTs on our platform.Flow blockchain developer Dapper Labs has suspended Russian accounts after the European Union imposed new sanctions against Russia and its nationals.Īnnounced on Oct. Temporary Marketplace closureĪfter we launch Dapper Wallet on Friday, July 15, we will be suspending all secondary sales for one to two weeks. Please make sure you complete this process so that you don’t lose funds! (We will get in touch with any users who still have deposits on our site by the end of September 30th, 2022). In order to claim this balance, you’ll need to complete the KYC / Withdrawal process as outlined on our site.Īccount balances will not be migrated to Dapper Wallet automatically. If you’ve sold an NFT on our platform, or deposited USD / ETH / BTC in the past, you’ll have a balance associated with your old account. What should I do with my Sturdy.Exchange deposits? This is Dapper Wallet’s standard way of handling NFTs, and this policy will apply to any NFTs purchased on our market moving forward. Please note - after you transfer your NFTs to Dapper Wallet, you won’t be able to transfer or sell them to another wallet for 7 days. In order to move your tokens from your original account to your Dapper Wallet, you’ll need to approve a few processes.
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