Cryptocurrency news

OpenSea Customers Based in Venezuela and Iran Hampered by Russian Sanctions

  • Accounts affiliated with OpenSea users with Iran-based IP addresses have been shut down amid escalating talk of global sanctions and Russia’s invasion of Ukrainian land.
  • As stress escalates on giant crypto exchanges like Binance, Coinbase and Kraken to ban all Russia-associated entities from accessing their platforms.
  • Not only crypto exchanges are influenced by this problem, the gigantic NFT market, OpenSea in the United States, had to respond by modifying virtual assets.

The Iranians have stopped

According to several testimonies from artists and collectors who have not been able to access the service lately, OpenSea has started banning users based in Iran. Several disgruntled traders took to Twitter to express their resentment over the shocking measures.

A OpenSea spokesperson confirmed that he had indeed banned users affiliated with sanctioned territories. The representative states that, OpenSea prevents people and regions on the U.S. Sanctions List from accessing facilities, which involves the sale, transfer, and acquisition of NFTs on the platform.

Moreover, he stated that OpenSea has a zero-tolerance policy for sanctioned entities and individuals, and those residing in sanctioned countries.

Error 404 – Page not found

The pressure on crypto exchanges has intensified. The US Treasury Department and the White House National Security Council issued an order to major digital asset exchanges this week.

In accordance with the directive, the Biden administration asked virtual asset exchanges to ensure that Russians should not use crypto assets as a means of escape.

Regarding OpenSea, the more than 5 Iran-based users on OpenSea were reportedly cut off, 3 of whom said they used the service while staying in the country.

Venezuela also on the radar

One based in Iran OpenSea user, also reported a “404 Error” when trying to enter the market. Another user complained that his verified account got banned for no reason.

Meanwhile, Infure, a developer tool, which helps build dApps, such as games and trading platforms, has been banned in Venezuela.

As a result, one of the most popular wallet interface tools for users to log into these apps has become worthless.

MetaMask indirectly validated the ban in a blog post, emphasizing how users in certain sanctioned regions may receive error messages while making accessibility efforts in their wallets.