South Korea’s crypto exchanges have joined sanctions against Russia

This is to prevent the Russian Federation from being able to use digital assets to circumvent the restrictions imposed because of the special operation in Ukraine

05.03.2022 - 10:35

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1 min

What’s new? Korea’s largest crypto exchanges have imposed restrictions against users from Russia. The exchanges such as Bithumb, Upbit, Coinone, and Korbit have blocked Russian IP addresses, joining the global sanctions against Russia. The measures come amid demands for crypto exchanges to comply with sanctions aimed at completely disconnecting Russia’s economy from the global financial system.

The Korea Times’s material

What preceded it? Gopax, a Korean cryptocurrency exchange, has frozen about 20 accounts registered by Russian users. It is also known that Binance, Kraken, Coinbase, and other global crypto exchanges have not imposed a complete ban on Russian customers, despite requests from the Ukrainian government. They stated that they will check users and block anyone who was sanctioned.

The developers of the MetaMask cryptocurrency wallet also support sanctions against Russia. Kuna, WhiteBIT, and CEX.io were among the first exchanges to impose restrictions against users from the Russian Federation.

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