South Korean Crypto Exchanges Block Russian-Based IP Addresses (Report)

According to reports, some of the most prominent cryptocurrency exchanges in South Korea joined the growing number global sanctions against Putin’s government by blocking IP addresses coming from Russia. Upbit, Gopax and Bithumb are just a few of those trading venues.

South Korea sanctions Russia

As the latest example of the largest South Korean digital asset trading platforms, the embargoes against Russia continue to grow. A recent report from the local media stated that Upbit, the largest crypto exchange in terms of transactions, will begin rejecting withdrawal requests from Russian IP addresses.

The company stated that it had blocked subscriptions from users who reside in countries where there is a high risk of money laundering in accordance with the Financial Action Task Force guidelines.

Gopax is another platform that has adopted such a policy. Gopax not only banned IP addresses from Russia, but also frozen 20 accounts from Russian users. Bithumb, Korbit and other exchanges also stopped their services to such customers.

Binance and Kraken, unlike these Korean companies, vowed to not restrict Russian-based customers. While the former stressed that crypto offers “greater financial freedom,” such a move could be contrary to the principles of this sector.

Jesse Powell, Kraken’s CEO, expressed a similar position. He stated that bitcoin was the embodiment of libertarian principles. His company could not freeze Russian clients’ accounts without a legal requirement. He also believed that many of these users would be against Putin’s invasion in Ukraine.

After the Sanctions, Crypto Regulations

Many politicians and financial professionals believe that regulations for the cryptocurrency industry are more important than ever because Russia could use the asset class to avoid monetary sanctions. Christine Lagarde, President of the European Central Bank, and Hillary Clinton, former first lady of America are two of those people.

She even stated that she was “disappointed” at the refusal of some cryptocurrency trading platforms to stop serving Russian-based users.

“I was disappointed that some of these so-called cryptocurrency exchanges, although not all, are refusing transactions with Russia for some philosophy or libertarianism, but some of them.”

Clinton believes everyone should do everything possible to stop Russian economic activity. This will put pressure on Vladimir Putin. The politician concluded that the Treasury Department and the Europeans should examine how they can stop the crypto markets giving Russia an escape hatch.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the””  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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