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"WalletConnect is a Web3 communication protocol commonly used in cryptocurrency wallets. It allows users to quickly connect their wallets to different DApps for interaction using QR codes or deep links. According to the WalletConnect official website, well-known wallets like Trust Wallet, MetaMask, Safe, Binance Web3 Wallet, and others support WalletConnect.
However, in light of the ongoing Russia-Ukraine war and the continuous imposition of sanctions on Russia by the United States, WalletConnect issued a statement today, announcing that, in accordance with the latest laws and guidelines from the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), it has restricted the availability of the WalletConnect protocol in Russia starting from October 30th.
The statement also mentioned that WalletConnect had temporarily restricted Ukrainian IP addresses until they could be legally moved to areas in Ukraine not affected by sanctions. Currently, WalletConnect has reinstated Ukrainian IP addresses for using the WalletConnect protocol.
WalletConnect emphasized that there have been some incorrect reports claiming that WalletConnect also blocked other unsanctioned countries. However, WalletConnect's official statement confirms that no other countries are blocked, and its terms of service are governed by Delaware law in the United States.
In 2021, OFAC published guidelines for virtual currency businesses to comply with sanctions regulations, requiring virtual currency service providers to assume the same responsibility as other financial institutions in avoiding violations of sanctions. Subsequently, platforms like OpenSea and MetaMask complied with OFAC's requirements and blocked users from certain regions.
The decision to block Russian IPs has sparked community dissatisfaction with the centralized censorship aspect. Wu Xian, the founder of SlowMist, tweeted that it's time for an alternative, and he also criticized WalletConnect for being arrogant. He mentioned that SlowMist had previously reported security risks with WalletConnect. After some communication, WalletConnect responded that they were already aware of the issues and then left the group. Chris Blec, a cryptocurrency researcher with over 50,000 followers, heavily criticized WalletConnect in a tweet, saying that WalletConnect is an application deeply integrated into the Ethereum DeFi ecosystem and is now blocking ordinary users from Ukraine, Russia, North Korea, Iran, Cuba, and Syria." |
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Post time 6-11-2023 15:31:22
