Web3 Protocol WalletConnect Halts Services in Russia, Following US Treasury Guidelines
Web3 platform WalletConnect, which links cryptocurrency wallets, has restricted its services in Russia, in light of the latest US Guidelines.
The US Treasury’s Office of Foreign Assets Control (OFAC) unveiled sanctions in Russia and a few parts of Ukraine. The restrictions came into effect on Oct. 30.
Dear WalletConnect community,
In light of the latest legal and OFAC guidance, WalletConnect has restricted the availability of the WalletConnect Protocol in Russia. Certain regions of Ukraine were temporarily impacted; service has since resumed.
We sincerely apologize for any… pic.twitter.com/tg5FicCh4g
— WalletConnect (@WalletConnect) October 31, 2023
“In light of the latest legal and OFAC guidance, WalletConnect has restricted the availability of the WalletConnect Protocol in Russia,” the company said in a post on X (Twitter).
In a note to users, WalletConnect CEO Pedro Gomes clarified that the company did not block services in other countries.
“There were some incorrect reports that we blocked other non-sanctioned countries. We can confirm that no other countries were blocked.”
WalletConnet also announced that it also temporarily restricted Ukraine IP addresses. “Until we could compliantly switch back on areas of Ukraine that are not impacted by sanctions,” it added.
WalletConnect is an open-source Web3 standard, that bridges the gap between blockchain wallets and decentralized applications (dapps).
As the crypto industry grapples with global regulatory ambiguity, platforms such as WalletConnect will face challenging decisions. However, the platform’s recent withdrawal from US-sanctioned nations emphasizes the importance of adhering to international guidelines.
The OFAC released a new brochure with crypto-specific guidance on
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