It has been properly confirmed by the largest NFT marketplace in the world that it promptly blocks the users on the basis of the sanctions list provided by the United States. The NFT Marketplace which goes by the name of OpenSea is one of the biggest marketplaces for NFTs. However, according to India Today crypto news, the Marketplace has apparently made a new decision. It is based in the United States and has a reputation for banning different users and countries from the platform for sure.
According to OpenSea, the company has started to ban different Iranian users from actually making use of the platform. This has led to the sparking of a very huge outrage from different collectors of NFTs. Also, fresh debates are being raised all across the world regarding the matter of decentralization that exists in the space of cryptocurrency.
On the morning of this Thursday, the users of Iranian OpenSea started to make their posts on social media. The users took to the platform of Twitter in order to let others know. They made posts about their accounts being deleted or deactivated without any prior warning.
According to the NFT artist Bornosor who is Iranian, this act was quite a hassle. Bornosor is on Twitter with about 4700 followers. So, his tweet definitely gained a lot of traction just after being posted. Just within a span of a few hours, the tweet managed to get about 342 retweets and thousands of likes.
In his tweet, Bornosor mentioned, “NOT A gm AT ALL. Woke up to my @opensea trading account being deactivated/deleted without notice or any explanation, hearing lots of similar reports from other Iranian artists & collectors. What the hell is going on? Is OS straight up purging its users based on their country now?”
OpenSea Speaks on Banning Users from the Platform
A Spokesperson from OpenSea told during an interview with Cointelegraph that the company has the right reserved to ban or block any particular user that is currently on an economic sanction.
“Our Terms of Service explicitly prohibit sanctioned users or users in sanctioned territories from using our services. We have a zero-tolerance policy for the use of our services by sanctioned individuals or entities and people located in sanctioned countries. If we find individuals to be in violation of our sanctions policy, we take swift action to ban the associated accounts.”
The current U.S. sanctions outline that American companies are not allowed to provide goods or services to any user based in countries on the sanctions list, including Iran, North Korea, Syria, and now Russia. OpenSea is a U.S. company with its headquarters in New York.
These actions from OpenSea have sparked fresh debate about whether large blockchain-based firms and services are adequately decentralized, with MetaMask joining in on enforcing sanction-based crackdowns. According to MetaMask’s Twitter account, Venezualan users were accidentally banned from accessing their MetaMask wallets, after blockchain development company Infura accidentally broadened the scope of its sanctions-related crackdowns.
Also Read: Five things Every Top Crypto Sites Ranked by Traffic Crypto Traders Should Know
Cryptocurrencies and digital assets like NFTs continue to come under increasing regulatory scrutiny from the U.S. government, as it increases the severity of economic sanctions against Russia. OpenSea remains the world’s largest NFT marketplace, hosting over $22 billion in sales since its inception.
This isn’t exactly the very first time that the entire crypto industry has actually been involved in a problem that surrounds the different intricacies related to international sanctions. According to India Today crypto news, different crypto exchanges are presently embroiled in a particular debate regarding the freezing of the crypto assets of Russia.
However, the largest crypto exchange in the world, Binance, has politely refused to ban any particular account of Russian customers who are innocent.
Join our Telegram Channel to get the best notification regarding Pricing Prediction, Trading Analysis, News, Blogs, and interviews.
