In accordance with US Treasury guidelines, Web3 Protocol WalletConnect suspends operations in Russia.

In accordance with US Treasury guidelines, Web3 Protocol WalletConnect suspends operations in Russia.

In light of the most recent US Guidelines, the Web3 platform WalletConnect, which connects cryptocurrency wallets, has limited its services in Russia.

Russian and some Ukrainian sanctions were announced by the US Treasury's Office of Foreign Assets Control (OFAC). On October 1, the restrictions went into force. thirty.

WalletConnect has limited the availability of the WalletConnect Protocol in Russia due to recent legal and OFAC guidance. Service has now resumed after a brief interruption in some areas of Ukraine. WalletConnect (@WalletConnect) October 31, 2023 We sincerely apologize for any inconvenience this may have caused.

"WalletConnect has limited the availability of the WalletConnect Protocol in Russia in light of the most recent legal and OFAC guidance," the company stated in a post on X (Twitter).

Pedro Gomes, CEO of WalletConnect, made it clear in a message to users that the company did not obstruct services in other nations.

"Some false reports claimed that we had blocked other non-sanctioned nations. We can attest that no other nations were restricted. ".

A temporary IP address restriction for Ukraine was also announced by WalletConnet. The statement continued, "until we could compliantly switch back on regions of Ukraine that are not affected by sanctions.".

Blockchain wallets and decentralized applications (dapps) are separated by the open-source Web3 standard known as WalletConnect.

WalletConnect and other crypto platforms will have to make difficult choices as the industry struggles with unclear global regulations. But the platform's recent removal from countries that the US has sanctioned highlights how crucial it is to follow international laws.

US Sanctions on Companies that Handle Digital Assets.

A new pamphlet from OFAC offering advice on navigating U.S. S. penalties in October of 2021. Like other financial institutions, the agency expects cryptocurrency operators to bear the same responsibility for avoiding sanctions violations.

The directive said as follows: "Generally speaking, U. S. Individuals are in charge of making sure they don't deal with prohibited parties or engage in unlawful transactions, including those in the virtual currency sector. ".

US sanctions have tightened on cryptocurrency gateways to these countries amid geopolitical unrest in Russia and the Middle East. For example, under U.S. law, cryptocurrency asset service providers Coinbase and Binance have blocked the wallets of Russian citizens. S. punishments.

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