WalletConnect has terminated its services in Russia, aligning with OFAC’s directives. This decision briefly impacted parts of Ukraine as well.
WalletConnect, a prominent player in linking crypto wallets such as MetaMask, has opted to discontinue its services for Russian customers. The company announced this strategic move on platform X, citing compliance with the latest directives from OFAC (U.S. Treasury’s Office of Foreign Assets Control). OFAC has been closely monitoring cryptocurrency activities in Russia since 2021, particularly in light of the ongoing Russia-Ukraine conflict, which has prompted an increase in sanctions against Russia.
Pedro Gomes, the head of WalletConnect, disclosed that the decision was made on Monday. In 2021, OFAC introduced requirements for virtual currency businesses to adhere to banking standards in order to avoid violating sanctions.
Gomes also addressed the situation in Ukraine, revealing that services were temporarily suspended but later reinstated in regions not subject to sanctions. It’s important to note that WalletConnect’s suspension applies exclusively to Russia and select parts of Ukraine, with no impact on other countries.