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Russian citizens are reporting account blocks and KYC rejections on the European branches of cryptocurrency exchange Bybit EU and online bank Revolut. These restrictions appear to stem from the European Union's 19th package of sanctions against Russia and stricter residency requirements.
Key Takeaways
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Bybit EU is reportedly denying KYC verification to users with Russian citizenship, even those with EU residency permits.
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Revolut is closing accounts of Russians living in the EU, citing new restrictions and requiring updated residency documentation.
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These actions align with the EU's 19th sanctions package, which targets cryptocurrency transactions for Russian residents.
Bybit EU's Stricter Verification
Users of Bybit EU have encountered difficulties during Know Your Customer (KYC) verification processes, particularly when migrating accounts. One user, who held an EU residency permit and was previously verified with Bybit Netherlands, was denied re-verification after the platform merged with Bybit EU. The user stated, "I live in Europe, everything is by the book. Recently ByBit NL migrated to ByBit EU. And they asked to re-pass KYC. With the same documents with which I passed [verification earlier], they refused."
Bybit EU's support team cited "regulatory standards and potential risks" as the reason for the decision. The European Bybit policy explicitly prohibits registration for users holding citizenship from Afghanistan, Belarus, Iran, North Korea, Russia, and the United States. While not directly impacting Bybit's global operations, this new policy for the European division is believed to be influenced by the EU's latest sanctions against Russia.
Revolut Closes Russian Accounts
Similar issues are being reported by Russian citizens using the online bank Revolut. Sources indicate that Revolut has begun closing the accounts of Russians residing in the EU, referencing new limitations. Previously, Revolut allowed Russian citizens with European residency or long-term visas to open accounts. However, as of November 1st, these users received notifications demanding updated information, followed by account freezes.
At least five such cases have been documented. One former journalist, who was in the process of obtaining residency, reported their Revolut card being blocked, preventing any transactions. Reports also include similar restrictions affecting Belarusian citizens with residency in EU countries, with some accounts being fully restricted pending updated documentation.
In some instances, users were able to withdraw their funds after regaining temporary access to their accounts, even without submitting the requested updated documents. ForkLog has reached out to Bybit and Revolut for comment but has not yet received a response.
EU Sanctions Impact
The European Union's 19th package of sanctions against Russia, implemented on October 23rd, includes measures affecting cryptocurrency platforms and digital asset operations. According to European Commission President Ursula von der Leyen, all cryptocurrency transactions for Russian residents are subject to blocking. The sanctions also target foreign banks connected to Russian alternative payment systems and operations with companies registered in special economic zones.
Sources
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Russians complain about Bybit EU and Revolut account freezes, ForkLog.
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Revolut has begun to massively freeze the accounts of Russian citizens, Fakti
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Belarusians with Expired Documents Blocked in Revolut, Reformation
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