WalletConnect Prohibits Use in Russia

Published on:

Last Updated on November 1, 2023 by Bitfinsider

WalletConnect, a web3 startup that connects integrated crypto wallets like MetaMask for consumers, has revealed that it has blocked access for users in Russia.

The corporation used X to make the announcement and explain its reasoning. “In light of the latest legal and OFAC guidance, WalletConnect has restricted the availability of the WalletConnect Protocol in Russia,” the company stated in a blog post. OFAC is an acronym for the United States Treasury’s Office of Foreign Assets Control.

According to WalletConnect CEO Pedro Gomes, his company began restricting customers in Russia on Monday. OFAC has targeted the transit of cryptocurrency in Russia since at least 2021. The number of western countries penalizing Russia has increased as a result of the Russia-Ukraine conflict.

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.