The Phrase “Decentralized Systems” is still a Myth.?
The world's largest United states-based Marketplace, OpenSea, has confirmed blocking users based on the US sanction list.
OpenSea has reportedly begun barring Iranian users from its platform, sparking outrage from NFT collectors and raising fresh debate about decentralized crypto space.
On Thursday morning, an Iranian NFT artist named 'Bornosor' expressed his frustration on Twitter, gathering 342 retweets and thousands of likes within a few hours.
Bornosor stated, “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.”
OpenSea spokesperson said that they reserves the right to block used based on sanctions.
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 given rise to allegations whether these large blockchain-based firms are adequately decentralized.
If cryptocurrencies and other digital assets continue to come under the scrutiny of the US government, can this system be defined as decentralized? Are these regulatory sanctions valid.?
Until next time.....
Written By- Shriyansh Jain