What that company is trying to do is breach hundreds if not thousands of contracts just because said customers belong to a certain country. Such actions have legal ramifications that either the CEO or the entire Namecheap board did not take into account.
Hence this entire act resembles an emotional response of a distraught individual that lashes out. Have a look at [1] for an interesting take on the matter.
Understandable yes. But within their rights? I doubt so. Contracts are binding for both parties (client and the company). What they are doing here is an intentional breach of contract. Depending on the jurisdiction it can have nasty legal ramifications.
Hence this entire act resembles an emotional response of a distraught individual that lashes out. Have a look at [1] for an interesting take on the matter.
[1]: https://news.ycombinator.com/item?id=30507443