WalletConnect restricts use in Russia, citing OFAC guidelines | Headlines | News | CoinMarketCap
11/01/2023 03:40
WalletConnect, a web3 startup that helps consumers connect integrated crypto wallets like MetaMask, announced that it has restricted access for …
Published on October 31, 2023 20:30 GMT+00:00edited on October 31, 2023 20:34 GMT+00:00
WalletConnect, a web3 startup that helps consumers connect integrated crypto wallets like MetaMask, announced that it has restricted access for customers in Russia.
The company took to X to make the announcement and explain its motivation. "In light of the latest legal and OFAC guidance, WalletConnect has restricted the availability of the WalletConnect Protocol in Russia," WalletConnect said in its post. OFAC stands for the U.S. Treasury's Office of Foreign Assets Control.
WalletConnect CEO Pedro Gomes said in a statement that his company moved to restrict users in Russia on Monday. At least as far back as 2021, OFAC has targeted the flow of crypto in Russia. The Russia-Ukraine war has caused the number of western countries sanctioning Russia to rise.