MoonPay Freezes Operations in Ukraine, Russia, and Belarus

Key Insights:

• MoonPay has suspended operations in Ukraine, Russia, and Belarus.
• The firm has said that it’s impossible to continue operating owing to the sanctions.
• However, Exchanges like Binance and FTX have argued against suspending payment options. 

In a direct statement released to customers, the MoonPay team informed that they have decided to suspend operations in Ukraine, Russia, and Belarus due to recent events in Eastern Europe.

The Miami-based firm no longer supports customers’ accounts with physical addresses in the regions mentioned above. 

Russia, Ukraine, Belarus see Another Ban

On March 10, the MoonPay team informed all customers that owing to the political tension and Russia’s invasion of Ukraine, the firm had suspended operations in Ukraine, Russia, and Belarus. 

Reportedly, the firm explained their recent move by saying that they couldn’t continue operating in these regions and adhere to the current sanctions by countries across the world.

Notably, nations worldwide are tightening their sanctions on Russia, the US, the EU, and the UK are among the few doing so. 

The US and UK are banning Russian oil, and the EU has pledged to end its reliance on Russian gas. Responding to these sanctions, Russia has banned the export of several foreign-made products.

Earlier this week, FXEmpire reported US-based exchange Coinbase blocking over 25,000 addresses related to Russian users who were supposedly engaged in illicit activities.

Additionally, in late February, crypto exchange Binance highlighted how it was looking to block the accounts of any Russian clients targeted by sanctions. 

However, more recently, exchanges such as Binance and FTX argued that preserving the access of Russians to crypto is essential as the ruble falls amid heavy sanctions against Russia. 

MoonPay and Its NFT Craze

MoonPay launched in 2019 powers more than 250 wallets, websites, and applications in over 160 countries. In November 2021, the firm closed a Series A funding round at $555 million, bringing its valuation to $3.4 billion.

The firm claims that the funding was the largest and highest valued Series A for any bootstrapped crypto company. 

Of late, user-friendly payments infrastructure provider has made some bold moves in the NFT space. Recently, the startup spent $754,340 at the London Evening Sale at Christie’s auction house for a rare item in the World of Women (WoW) collection. 

The price paid by MoonPay makes the piece one of the most expensive WoW pieces ever sold.