MoonPay freezes operations in Ukraine, Russia and Belarus

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 company no longer supports customer accounts with physical addresses in those regions. 

Russia, Ukraine and Belarus face another ban

On March 10, the MoonPay team informed all customers that due to political tension and Russia's invasion of Ukraine, the company has suspended operations in Ukraine, Russia and Belarus. 

The company reportedly explained their recent move by saying it was "impossible for them to continue operating in these regions and adhere to current sanctions in place by countries around the world." In particular, nations around the world are tightening their sanctions on Russia, the US, EU and UK are among the few to do so. 

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

Earlier this week, FXEmpire reported that the U.S.-based exchange Coinbase blocked more than 25.000 addresses related to Russian users who were supposedly engaged in illicit activity. Additionally, in late February, cryptocurrency exchange Binance highlighted how it was trying to block the accounts of any Russian client targeted by sanctions. 

However, more recently, exchanges like Binance and FTX have argued that preserving Russian access to cryptocurrencies is essential as the ruble falls amid heavy sanctions against Russia. 

MoonPay and its NFT madness

MoonPay launched in 2019 powers more than 250 wallets, websites and applications in over 160 countries. In November 2021, the company closed a Series A funding round for $ 555 million, bringing its valuation to $ 3,4 billion. The firm claims the funding was the largest and highest Series A value for any cryptocurrency business that started. 

Recently, the user-friendly payment infrastructure provider has made some bold moves in the NFT space. Recently, the startup spent $ 754.340 at Christie's auction house London Evening Sale for a rare item from the World of Women (WoW) collection. The price paid by MoonPay makes the quotation one of the most expensive WoW ever sold.