🚨 Time is Running Out: Reserve Your Spot in the Lucky Draw & Claim Rewards! START NOW
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!
Learn to gain real rewards

Learn to gain real rewards

Collect Bits, boost your Degree and gain actual rewards!

New
Video Courses
Video Courses
Deprecated
Scale your career with online video courses. Dive into your learning adventure!

Animoca Brands to Halt Operations in Russia

Animoca Brands to Halt Operations in Russia

One of the largest players in the blockchain industry Animoca Brands will be pulling the plug with Russia amidst conflicts in Ukraine.

Following the sanctions imposed by the EU on financial institutions in Russia, it seems that the crypto industry in the region will be next on the chopping block.

Based on the report by Bloomberg, platforms controlled by Animoca Brands will block Russian users from accessing them. Likewise, the software company will stop selling its shares to Russian investors.

What are dApps in Crypto? (Explained with Animations)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

What are dApps in Crypto? (Explained with Animations)

What are dApps in Crypto? (Explained with Animations) What are dApps in Crypto? (Explained with Animations)

Animoca Brands’ decision to cut ties with the whole region stemmed from Russia’s aggression towards Ukraine and the financial sanctions imposed by the EU. 

Even though most crypto-based companies have resisted leaving the Russian market because it goes against the essence of cryptocurrencies, Animoca Brands will leave the region presumably because it is not an entirely crypto-based corporation.

Yat Siu, who is the co-founder of Animoca Brands, spoke on the decision to exit out of Russia, stating:

"The legal advice we’ve been receiving is that we now have to impose some restrictions. It’s a sanctioned country on par with North Korea. The moment we end up doing business in those areas, we might ourselves become financially excluded from the financial system."

He also mentioned that Gamee and Lympo platforms will be affected the most, but that will probably not impact the company on a larger scale.

Interestingly enough, Animoca Brands have invested in several crypto-focused platforms like the NFT marketplace OpenSea and blockchain games such as Axie Infinity and the Sandbox. Therefore, it is uncertain whether these companies will exit Russia and follow in the footsteps of their largest investor.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

Loading...
binance
×
Verified

$600 WELCOME BONUS

Earn Huge Exclusive Binance Learners Rewards
Rating