Crypto Platforms Block Russian Transactions and Ban on NFTs in Iran: The Week in Crypto

Welcome back to the compilation of the most important news about cryptocurrencies, NFTs and digital currencies, corresponding to the week of February 28 to March 4, 2022, where we summarize the topics related to cryptocurrencies that have occurred in recent days.
The coverage can be followed weekly in these posts that we prepare on Fridays, but also from our @XatakaMexico Twitter account, where we comment in real time using the hashtag #CriptoXataka, for the content that we address here.
Going up and collaborating to respect the sanctions against Russia
On Monday, February 28, bitcoin began the week following the recovery in its value, after falling after the announcement of Russia's invasion of Ukraine, gaining more than 10% of its value in just four hours.
Bitcoin #BTC just took off. It has gained more than 10% in the last four hours and its current value is $41,300, a price it has not seen since February 17 of this year.
Will the upward trend continue?#CriptoXataka

– Xataka Mexico February 28, 2022

That same day, a proposal to include cryptocurrencies in Russian sanctions was released by the United States Department of the Treasury.
This action was specifically intended to prevent the tokens from being used to bypass financial blockades against entities and officials close to the government, so that the money could not leave the country.
As of March 1, the US Treasury Department will include cryptocurrencies in Russian sanctions. Some crypto platforms are agreeing to limit access to users identified as operating on behalf of Russia.#CriptoXataka

– Xataka Mexico February 28, 2022

It was also revealed that the US administration asked the exchanges for help to ensure that the financial impositions on Russia were respected.
Until then, platforms such as Coinbase, Binance and FTX had given their approval to collaborate with the government to a greater or lesser extent, either by blocking user accounts or simply by identifying the digital wallets of the subjects sanctioned by NATO.
Even cryptocurrency platforms turn their backs on Russia: Coinbase, Binance and FTX are collaborating with the United States#CriptoXataka

– Xataka Mexico February 28, 2022

Bitcoin at its highest value after its fall and problems with Ethereum
In the middle of the week, bitcoin surprised with a new growth in its value, momentarily reaching 44,800 dollars, to stabilize again between 42,000 dollars, a figure that it maintained until Thursday, March 3.
After having reached (momentarily) $44,800 in value last Wednesday, the bitcoin #BTC experiences a drop in its price this Thursday.
It is currently at $42,000, a price that has not been registered since last Monday.#CriptoXataka

– Xataka Mexico March 3, 2022

The same Thursday, blockades were reported on several sites that use Ethereum to operate: from the first hours of the day, users from Venezuela indicated that it was impossible for them to access the MetaMask and Infura platform.
According to both services, this was due to a programming error when adjusting the sanctions imposed by the United States and other regions, which ended up inadvertently affecting this country, since it was not among the objectives of the limitations.
Users from Venezuela were blocked due to an "error" with the new US sanctions and OpenSea eliminated NFT accounts to owners from Iran#CriptoXataka

– Xataka Mexico March 4, 2022

A similar case was also seen in OpenSea, but with user accounts from Iran, who found that their commercial profiles had been deleted or deactivated and that, according to the NFTs platform, it was also as a consequence of the United States sanctions.
However, in this case OpenSea mentioned that it was intentional, because if users have blocks in any territory where they operate, they will limit their use of the services.

A weak friday

To close the week this Friday, March 4, bitcoin fell back below $40,000 in a matter of hours, a drop of more than 7% from its value at the start of the day.
At the time of writing this post it is at $38,800, but with a minimum so far of $38,700.

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