Upbit, Bithumb, Coinone, and Korbit announced restrictions to block Russian IP addresses on Thursday, bringing the total to five in the nation.
- Gopax was the first crypto exchange in South Korea to publicize the restriction, citing efforts to align with Western sanctions imposed against Russia for its invasion of Ukraine.
- Upbit and Coinone revealed that they have already been barring Russian users from the exchange to eliminate money laundering risks.
- Local restrictions make it difficult for foreigners to open accounts with South Korean exchanges, and according to Upbit, the largest in the nation, no Russian users previously existed on its platform.
- The four exchanges are the only local platforms licensed to provide cash-to-crypto transactions.
- Gopax reportedly banned around 20 accounts related to Russian users from its platform on Wednesday.