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South Korean cryptocurrency exchanges are blocking Russian IP addresses

source-logo  bitcoinworld.co.in 04 March 2022 05:12, UTC

Some of South Korea’s most prominent cryptocurrency exchanges have apparently joined the increasing list of worldwide sanctions on Putin’s dictatorship by barring Russian IP addresses. Upbit, Gopax, Bithumb, and Korbit are just a few of the trading platforms available.

The list of sanctions placed on Russia continues to grow, with the most recent example coming from the largest South Korean digital asset trading platforms. According to a recent local source, Upbit, the country’s largest crypto exchange by transactions, has announced that withdrawal requests from Russian IP addresses will be rejected.

“We’ve blocked subscriptions by users in countries which are at high risks of money”
“laundering, in line with guidelines of the Financial Action Task Force,”
So, the company adds

Gopax is another huge platform that follows this strategy. It not only blocked Russian IP addresses, but also froze 20 accounts associated with Russian users. Bithumb and Korbit are the other exchanges that have stopped serving such consumers.

Unlike these Korean firms, Binance and Kraken have stated that they will continue to serve Russian customers. The former stated that crypto delivers “more financial independence,” and that such a move would be contrary to the sector’s beliefs.

Jesse Powell, the CEO of Kraken, took a similar stance, claiming that bitcoin embodies libertarian ideas. He claims his company could not freeze the accounts of Russian clients unless it’s by law. He also anticipates that a large number of those users are opposition to Putin’s invasion of Ukraine.
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