Bitpanda stops payment transactions with Russian banks

The Viennese start-up company Bitpanda blocks all deposits and withdrawals from and to Russian banks. This was announced by company co-founder Eric Demuth on Thursday in Vienna. “We are all shocked by the terrible events in Ukraine,” said Demuth. “Of course we comply with all imposed sanctions and will continue to do so in the future. All deposits and withdrawals from and to Russian banks have been deactivated.”

Strong increase

Users can trade Bitcoin, other cryptocurrencies and gold via the platform of the start-up Bitpanda, which is present in Germany with the app of the same name, among other things. The fintech was founded in 2014 by Eric Demuth, Paul Klanschek and Christian Trummer and claims to have more than 3 million users.

After the international community imposed international financial sanctions on Russia, the price of Bitcoin and other cryptocurrencies rose sharply. Experts suspect that the cause is a flight to digital currencies by people in Russia who do not want to sit idly by and watch their own currency depreciate.

By Editor

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