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0 CommentsLeading NFT marketplace OpenSea is actively delisting Cuban artists and users to comply with US sanctions, Artnet News reported. While most blockchain technology is decentralized, large centralized platforms comply with international sanctions.
The news came after the Twitter account of NFTcuba.ART shared a screenshot of an email explaining that an account had been “disabled due to activity that goes against our Terms of Service.”
OpenSea spokesperson told Artnet News:
“We comply with US sanctions law. Our terms of service explicitly prohibit sanctioned individuals, individuals in sanctioned jurisdictions, or services from using OpenSea.”
Despite the fact that most distributed ledger technology is inherently decentralized; the crypto industry still features large centralized platforms that comply with international sanctions.
Recently, Reuters reported that the US Justice Department was weighing the possibility of charging the biggest crypto exchange, Binance, with money laundering and sanctions violations.
Last month, crypto exchange Kraken agreed to a $362,000 settlement for violating US sanctions against Iran.
Earlier in October, Dapper Labs let users with connections to Russia withdraw their NFTs after temporarily freezing them to comply with EU sanctions. Additionally, that month also saw the US Treasury Department sanction open-source crypto mixing software Tornado Cash, an unprecedented move with wide-reaching privacy implications.
