The wallet provider Blockchain.com notified its customers that services for Russian nationals would soon be ceased, and accounts would be closed to comply with the latest EU sanctions against Russia. In addition, Binance announced it is also working on a viable implementation of the sanctions.
Reportedly, Russian customers of Blockchain.com have until the 27th of October to withdraw their funds. After that date, access to the accounts would be restricted or even blocked.
Previous sanctions of the European Union only included limiting accounts of Russian nationals to a maximum transaction amount of 10,000 Euros. However, the latest sanction package of the EU puts a blanket ban on all crypto-related transactions for Russians.
While Blockchain.com can enforce the sanctions for its custodial services, it has no option of enforcement over its non-custodial wallet application. As of today, it remains unclear whether citizens from sanctioned countries can access the app or not.
Many other centralized cryptocurrency exchanges, such as Binance, Crypto.com, and Coinbase already announced to comply with the EU’s eights sanction package against Russia.
Also Read – True Wealth Comes From Early Investments Like Uniglo.io, Ravencoin, And BitDAO
Oryen Network – Decentralized Passive Income
Oryen Network – Decentralized Passive IncomeWhile the European Union tries to restrict Russia from circumventing sanctions levied against traditional finance institutions, the move goes against the very nature of decentralized finance. Cryptocurrencies, such as Oryen Network, believe that DeFi is a human right and that law-abiding citizens should not be punished for the actions of their hostile governments.
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That being said, ORY has made its mission to provide everyone with a guaranteed annual percentage yield (or short APY) of 90%, which comes down to precisely 0.177%. Moreover, the proprietary auto-staking and auto-compounding feature, the so-called OAT (short for Oryen Autostaking Technic) feature, will automatically take over the burden of interacting with staking contracts for holders of ORY. As a result, holders have to do only one thing: hold and keep their tokens safe and sound in their wallets. Yield will be paid out automatically in hourly intervals.
Also Read – Guarantee Your Financial Freedom With Oryen, Terra, Zilliqa, And Stacks
Final thoughts
When governments seek to enforce strict regulations and try to tame cryptocurrencies, decentralized finance and projects such as Oryen Network become of even greater importance. Looks for yourself and may invest in the currently commenced ORY presale with a staggering 15% early-backer bonus!
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