Back to the list

South Korean Crypto Exchanges block IP Addresses from Russia post invading Ukraine

source-logo  thecoinrepublic.com 04 March 2022 22:46, UTC
  • Russia’s invasion of Ukraine has gained significant criticism from various entities. And they are continuously taking steps to stand in solidarity with Ukraine.
  • Some of the prominent exchanges from South Korea have recently barred Russian IP addresses.
  • Meanwhile, some authorities are concerned about the misuse of the asset class. 

Russia and Ukraine’s war has attracted a lot of limelight. And various entities from varied sectors globally are showing their support towards Ukraine. 

South Korea’s significant crypto exchanges have joined forces with an emerging number of sanctions against Vladimir Putin’s reign. They have blocked several IP addresses from Russia. 

Exchanges indicating Ukraine’s support 

UpBit, the country’s biggest cryptocurrency exchange, has recently announced that it would reject the withdrawal requests from Russian IP addresses. The company highlighted that they had blocked subscriptions by users in countries where the risk of money laundering is high. In accordance with the guidelines of the Financial Action Task Force. The other trading venues include Gopax, Bithumb, and Korbit. 

Gopax freezed around 20 accounts registered by users from Russia; And further blocked the country’s IP addresses. Bithumb and Korbit took a similar stand. 

In contrast to the efforts of these exchanges, Binance and Kraken decided not to restrict Russian-based users from their services. Kraken’s CEO underlined through his Twitter account that they could not freeze the accounts of their Russian clients without a legal requirement to do so. 

The United States and its allies are firm towards sanctions against Russia. And some politicians and financial experts believe Russia could use virtual assets to bypass the monetary penalties. Meanwhile, the former first lady of the U.S. showed her disappointment towards some exchanges refusing to cut down transactions with Russia giving some libertarianism philosophy.  

Although even the Ukrainian Vice Prime Minister asked the crypto exchanges to block Russian users’ addresses, the request attracted mixed reactions. Some agreed and compiled, whereas some, like Kraken, didn’t. It is to see if the Authorities’ concern proves true and what would happen next.