Animoca Brands stops its service to Russian users

The Russian invasion of Ukraine is taking a toll on both the economy and Russian citizens, most recently, blockchain gaming giant Animoca Brands in a press release stated it will halt servicing and selling shares to people in Russia.
 Animoca Brands stops its service to Russian users

As a result of Russia’s invasion of Ukraine, Animoca Brands, one of the largest blockchain gaming businesses, is apparently going to terminate connections with Russian consumers.

Animoca Brands is without a doubt one of the most important participants in the GameFi sector, having worked on the bulk of projects. Bloomberg News said in a press statement that it is discontinuing service to Russian clients. The move is, predictably, in response to the invasion of Ukraine.

Yat Siu, the co-founder of Animoca, spoke out on the subject, saying:

The legal advice we’ve been receiving is we now have to impose some restrictions. It’s a sanctioned country on par with North Korea. The moment we end up doing business in those areas, we might ourselves become financially excluded from the financial system.

In addition to barring Russian users, the corporation will stop selling shares to Russian investors. The ruling will have an impact on subsidiaries such as Lympo and Gamee.

However, according to the co-founder, the number of Russian users isn’t great enough to have a significant impact on the company’s results.