SNEAK PEEK
- Users impacted by EU sanctions against Russia can withdraw non-fungible tokens to a non-custodial wallet.
- Earlier, access and withdrawals were frozen after Circle directed Dapper to take the action.
- Dapper shared that it complied to prioritize community’s safety.
Users who are impacted by the European Union’s sanctions against Russia can now withdraw their UFC Strike, NBA Top Shot and NFL All Day NFTs from Dapper Wallet to a Blocto Wallet.
Dapper Labs’ earlier move of limiting accounts associated with Russia happened due to a directive from Circle, a payments technology firm that backs the stablecoin USDC. Circle is Dapper’s stored value service and payment processing partner.
According to the team at Dapper, Circle owns custody over funds of customers and since they needed to take instant action, Dapper Labs had to abide by the decision and suspend accounts that were linked to Russia; however, none of the accounts had been closed.
Earlier in October, Dapper Labs suspended Russian accounts as per new EU sanctions.
According to Dapper, it is trying its best to offer as much support as possible as allowed by the law. It also claimed exploring solutions for owners of accounts. Among the solutions is the establishment of ‘alternative NFT custody’ that allows users to shift NFTs off of Dapper.
It’s not only Dapper that’s taking action against accounts linked with Russia. Crypto.com and Blockchain.com sent emails to impacted users with information about account limitations, last week. Blockchain.com even enabled a duration of withdrawal for custodial funds.
