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OpenSea bans Iranian users on its platform, citing US sanctions

OpenSea has a zero tolerance policy towards individuals, companies and even countries that are on the US sanctions list.

Amid the growing U.S. sanctions related to the Russia-Ukraine war, policymakers’ interest in the crypto operations has increased. As the government tries to bring crypto into congressional talks, blockchain-based companies are trying to comply with all government rules to avoid censorship. Senators are openly questioning the potential use of crypto to circumvent sanctions. The latest news is OpenSea, which has banned its users operating from Iran from using its services. Many frustrated people took to Twitter to report this sudden start of crypto sanctions being foisted on them.

Why did NFT marketplace OpenSea block Iranian users?

An OpenSea representative confirmed the news decrypt stating that users from countries listed under have been blocked US Sanctions List. The representative further elaborated on OpenSea’s compliance with the sanctions policy, in which they prevent users from using their transaction-related NFT services. The company has a zero-tolerance policy towards individuals, organizations and even countries that are on the sanctions list. In the case of Iran, the sanctions were imposed on the Iranian government for banning US-based companies from offering their goods and services in Iran.

Frustrated OpenSea users shared screenshots from their Twitter account to show deleted accounts and removed collections. Nima Leo Photos complained that his photo collection was removed from the platform, while another user named Arman stated that he received a 404 error when accessing OpenSea. For another user Arefeh Norouzii on New York NFT Marketplace, verified account was seized without any prior warning or update.

The NFT marketplace has been angering users for some time by being embroiled in several financial and legal challenges. It recently fell victim to external phishing that cost the company about $1.7 million. Aside from a lawsuit over a stolen NFT, the company also suffered a financial loss when it had to recover almost $1.8 million following an OpenSea listing exploit.

OpenSea is a New York-based peer-to-peer NFT marketplace for enthusiasts looking to buy, sell, collect and discover these digital assets. Founded in 2017 by Devin Finzer and Alex Atallah, OpenSea was the first open marketplace for NFTS hosted on the Ethereum blockchain. OpenSea aims to create an open digital economy where consumers can trade freely, developers can build integrated platforms for digital assets, and artists can create new digital works. Andreessen Horowitz, Coinbase, Dapper, Blockstack, etc. are some of the main investors.

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Gladis Monteiro

Content specialist with interests in sectors such as finance, politics, environment, technology and education. loves fiction! A reader, dreamer & blogger. When she’s not writing, she enjoys the solitude like her cats

https://www.coinspeaker.com/opensea-bans-iranian-users-sanctions/ OpenSea bans Iranian users on its platform, citing US sanctions

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