Some exchanges cryptocurrency Leading companies in South Korea are increasingly responding to global sanctions against Putin's regime by blocking IP addresses from Russia. Among those exchanges are Upbit, Gopax, Bithumb, and Korbit.
South Korea imposes crypto sanctions
The list of sanctions against Russia continues to expand, and the latest comes from South Korea's largest digital asset trading venues. According to a recent local report, Upbit - exchanges cryptocurrency largest in the country – has announced that it will start rejecting withdrawal requests from Russian IP addresses.
“We have blocked registrations from users in countries with a high risk of money laundering, following the guidance of the Financial Action Task Force.”
Another major platform that implements such a policy is Gopax. It not only banned IP addresses from Russia, but also froze 20 accounts registered from Russia. Bithumb and Korbit have also made similar moves.
Unlike these Korean companies, Binance and Kraken states that it will not restrict serving users of Russian origin. Binance emphasized that cryptocurrencies offer “greater financial freedom” and that such a move could go against the rules of the field.
Some politicians and financial experts argue that it is more important than ever to impose regulations in the crypto industry as Russia can use the asset class to bypass monetary penalties. Among those individuals was Christine Lagarde – President of the European Central Bank, and Hillary Clinton – former first lady of the United States.