Crypto.com and Blockchain.com have both begun to adhere to EU sanctions by notifying Russian users of their platforms that they will no longer be provided services by the exchanges. In the 8th wave of sanctions against Russian Nationals, the EU has upgraded its cryptocurrency blocks from a 10,000 Euro limit into a full ban. Blockchain.com has given until the 27th of October for those affected to withdraw from the platform before the accounts are locked.
These exchanges host both custodial and non-custodial wallets, which are able to trade and store cryptocurrency. It is confirmed that custodial wallets, whereby the exchange is in control of the private keys, will no longer be accessible. However, it has not been confirmed yet if non-custodial wallets, where users retain full control of their assets, will be affected in the same way.
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These are not the only entities taking up the EU sanctions against Russia, with LocalBitcoins, one of the oldest peer-to-peer (P2P) platforms, and Dapper Labs developers also set up to block Russians from using their services.
This will come as a blow to the LocalBitcoins company, as it has been reported that around 8% of the total volume came from Russia last month. The country used to be the largest market for the P2P provider, with 19% of the volume in 2020 being Russian-based.
All of this is yet another nail in the coffin of the decentralized dream that blockchain was initially promoted on, but there are still options around for the savvy investor who does not want the force of the government to dictate what you do with your assets.
The new project Uniglo, which is currently in a presale (link) stage that will close soon, is a token backed by a basket of assets that will sit in tokenized form. Examples of these assets are watches, gold, and real estate. This treasury, combined with the signature Ultra Burn Mechanism that will make the GLO token hyper-deflationary, puts Uniglo in a unique position on the market.
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The team is also aware that, despite the necessity of the EU to apply these sanctions in an effort to stop the Russian aggression towards Ukraine, many innocent Russians and those who oppose the war are also being greatly affected by the actions of Putin. Staying decentralized on-chain is a key part of the Uniglo philosophy, and Russian investors will not be affected. This may be a strong bullish case for GLO; with a considerable amount of Russian capital floating around, Uniglo may be the perfect place to park that capital.
