Animoca Brands has banned the sale of shares to Russian investors and blocked its users from accessing services as part of sanctions against Moscow.
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The firm’s co-founder, Yat Siu, notes in an interview that the move will only affect subsidiaries like Games and Lympo. Lympo will not host Russian athlete NFTs.
Siu maintains that the impact will be immaterial to the company since users from Russia are not many. He adds that its legal team agrees with the move.
Siu, likening Russia to North Korea, remarked that the consequences of doing business with a sectioned economy could be dire.
Animoca Brands is a blockchain gaming company based in Hong Kong. The firm uses IP from major global brands and has invested in over 150 firms.
The news comes as crypto exchanges remain hesitant to sanction Russian users, seeing it as a contradiction to the very objective of decentralization.