Sunday, July 21, 2024

Animoca Brands restricts Russian users to avoid being financially excluded

Animoca Brands, a blockchain gaming giant who is known for The Sandbox, has hit Russian users with restrictions. The Hong Kong-based company highlighted that they have a low number of users from Russia.

Yat Siu, the co-founder and chairman of Animoca Brands, told Bloomberg in an interview that they went ahead with the restrictions after receiving legal advice. However, the company has not updated its official portal with statements about the Russian user restrictions. Siu noted that the restrictions would affect its subsidiaries, namely Gamee and Lympo.

Gamee took to Twitter to announce its stance with Ukraine and Lympo, in a Medium post, said it would stop publishing Russian athlete NFTs, stop taking in new Russian athletes, and call off negotiations for partnerships with Russian athletes.

He highlighted that the company doesn’t want to end up doing business in areas where it might end up becoming financially excluded from the financial system. Siu said Russia is a sanctioned country on par with North Korea.

He added that the impact on its subsidiaries will not have any material impact on Animoca Brands’ performance as it doesn’t have many users in Russia.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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