Sunday, September 25, 2022

OpenSea Pulls The Plug On Iranian Users in Compliance With US Sanctions

Non-Fungible Token (NFT) trading platform, OpenSea has updated its sanctioned countries list to include Iran. According to a report, the firm has started disabling the accounts of users in Iran, which has caused an uprising, with affected users expressing their displeasure on Twitter.

Some reasons account for the sanction of a nation or region, it’s either the country is being perceived to be involved in terrorism, been an active player or indirectly supports narcotics trades, or is found guilty of threatening another nation with the use of weapons of mass destruction.

Iran joins a few other nations that have been banned by the United States government from either getting goods, services, or even investments from U.S.-based individuals or businesses.

This has spurred the decision by OpenSea to restrict its services from Iranian users on its platform, in compliance with the laws of the United States, as documented by the country’s Department of The Treasury. 

The recent development has however raised questions about the role of blockchain being a decentralized trading system. One Iranian OpenSea user, an NFT artist, Bornosor by name, whose account has been deactivated, took to Twitter to express displeasure because of the obvious ban on their territory.

In the tweet, the user noted that it is not a good moment, waking up to the reality that his account was deleted without prior notice, asking further,

“Is OS straight up purging its users based on their country now?”

According to the report, a spokesperson for the global NFT marketplace responded to the decision to effect the ban on Iranian users.

The statement noted that the digital collectibles trading platform has stated its Terms of Service clearly, and that it is committed to withdrawing its services from any region that has been sanctioned by the United States, as it is a firm operating in the U.S. and bound by its laws. Stating further that;

“If we find individuals to be in violation of our sanctions policy, we take swift action to ban the associated accounts.”

The crypto industry in Iran is not the only one facing the repercussions of a sanction at the moment, Russia has recently joined the league also. Owing to their invasion of Ukraine two weeks ago, one of the world’s largest ETH mining platforms, Flexpool in a report had also pulled the plug on its Russian users.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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