NFT Marketplace OpenSea Drops Users Amid Strict U.S. Sanctions

By Bhushan Akolkar
OpenSea sets new ATH for monthly trading volume in ETH

Ethereum-based NFT marketplace OpenSea has started dropping off users from its platform amid the ongoing U.S. Sanctions. This comes as exchanges have been asked to put a ban on Russian users following the recent harsh financial sanctions levied on Russia.

However, some exchanges like Binance and Kraken have refused a blanket ban but said that they would sanction only individual entities and per the U.S. sanctions.

The situation came to light as an Iranian artist @K1_Nazifi found that post the new update, they have been dropped off the OpenSea platform. The artist called it “great discrimination against the Iranian community”. The artists have further requested OpenSea to cancel their decision of boycotting the Iranian IPs and leave the ordinary people and the artist community out of politics. Responding to it, OpenSea said:

We’re truly sorry to the artists & creators that are impacted, but OpenSea is subject to strict policies around sanctions law. We’re a US-based company and comply with US sanctions law, meaning we’re required to block people in places on the US sanctions lists from using OpenSea.

Thus, OpenSea users from countries such as Iran and Venezuela have been facing the brunt of this action. Many users have lashed out at OpenSea for such an action saying that it goes against the ethos of the decentralized world.

Infura and Metamask Follow Cue

Infura, a developer tool for building decentralized applications has moved further to restrict user access in Venezuela. With this, one of the most popular wallet and infrastructure tools Metamask became unusable.

Metamask has indirectly acknowledged the cut-off explaining how users from the restricted jurisdictions will receive error messages if they try to access the wallet. ConsenSys, a U.S.-based venture fund and developer studio focused on Ethereum, currently owns both – Infura and Metamask.

It will be interesting to see whether more U.S-based crypto platforms will join to limit user access amid the ongoing sanctions.

Advertisement
Bhushan Akolkar
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.