{"id":8088,"date":"2023-11-01T12:36:17","date_gmt":"2023-11-01T12:36:17","guid":{"rendered":"https:\/\/infundpros.com\/markets\/crypto\/web3-protocol-walletconnect-halts-services-in-russia-following-us-treasury-guidelines\/"},"modified":"2023-11-01T12:36:18","modified_gmt":"2023-11-01T12:36:18","slug":"web3-protocol-walletconnect-halts-services-in-russia-following-us-treasury-guidelines","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=8088","title":{"rendered":"Web3 Protocol WalletConnect Halts Services in Russia, Following US Treasury Guidelines"},"content":{"rendered":"<div>\n<figure id=\"attachment_124948\" aria-describedby=\"caption-attachment-124948\" style=\"width: 612px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-124948\" class=\"wp-caption-text\">Source: Pixabay<\/figcaption><\/figure>\n<p>Web3 platform WalletConnect, which links cryptocurrency wallets, has restricted its services in Russia, in light of the latest US Guidelines.<\/p>\n<p>The US Treasury\u2019s Office of Foreign Assets Control (OFAC) unveiled sanctions in Russia and a few parts of Ukraine. The restrictions came into effect on Oct. 30.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Dear WalletConnect community,<\/p>\n<p>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.<\/p>\n<p>We sincerely apologize for any\u2026 <a rel=\"nofollow\" href=\"https:\/\/t.co\/tg5FicCh4g\">pic.twitter.com\/tg5FicCh4g<\/a><\/p>\n<p>\u2014 WalletConnect (@WalletConnect) <a rel=\"nofollow\" href=\"https:\/\/twitter.com\/WalletConnect\/status\/1719405809057120457?ref_src=twsrc%5Etfw\">October 31, 2023<\/a><\/p>\n<\/blockquote>\n<p>\u201cIn light of the latest legal and OFAC guidance, WalletConnect has restricted the availability of the WalletConnect Protocol in Russia,\u201d the company said in a post on X (Twitter).<\/p>\n<p>In a note to users, WalletConnect CEO Pedro Gomes clarified that the company did not block services in other countries.\n<\/p>\n<blockquote>\n<p>\u201cThere were some incorrect reports that we blocked other non-sanctioned countries. We can confirm that no other countries were blocked.\u201d<\/p>\n<\/blockquote>\n<p>\nWalletConnet also announced that it also temporarily restricted Ukraine IP addresses. \u201cUntil we could compliantly switch back on areas of Ukraine that are not impacted by sanctions,\u201d it added.<\/p>\n<p>WalletConnect is an open-source Web3 standard, that bridges the gap between blockchain wallets and decentralized applications (dapps).<\/p>\n<p>As the crypto industry grapples with global regulatory ambiguity, platforms such as WalletConnect will face challenging decisions. However, the platform\u2019s recent withdrawal from US-sanctioned nations emphasizes the importance of adhering to international guidelines.\n<\/p>\n<p>\nThe OFAC released a new brochure with crypto-specific guidance on navigating U.S. sanctions in October 2021. The agency expects crypto operators to shoulder the same responsibility for avoiding sanctions violations akin to other financial institutions.<\/p>\n<p>The guideline read, \u201cAs a general matter, U.S. persons, including members of the virtual currency industry, are responsible for ensuring they do not engage in unauthorized transactions or dealings with sanctioned persons or jurisdictions.\u201d<\/p>\n<p>Amid geopolitical tensions in Russia and the Middle East, US sanctions have cracked down on crypto gateways to these jurisdictions. For instance, crypto asset service providers like Coinbase and Binance have blocked the wallets of Russian individuals under U.S. sanctions.<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/web3-protocol-walletconnect-halts-services-in-russia-following-us-treasury-guidelines.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Pixabay Web3 platform WalletConnect, which links cryptocurrency wallets, has restricted its services in Russia, in light of the latest US Guidelines&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":8089,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[],"class_list":{"0":"post-8088","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-crypto"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Web3 Protocol WalletConnect Halts Services in Russia, Following US Treasury Guidelines | inFundPros<\/title>\n<meta name=\"description\" content=\"Source: Pixabay Web3 platform WalletConnect, which links cryptocurrency wallets, has restricted its services in Russia, in light of the latest US\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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