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South Korean

South Korean Exchanges Restrict Russian IP Address 

Centralized exchanges in South Korea have restricted the use of their platforms from Russian IP addresses. The restrictions and denial of access is said to apply to the entire Russian Federation, not just only to a list of sanctioned individuals. 

The Korea Times reports that several cryptocurrency exchanges in South Korea have proceeded to impose bans on Russian users and deny them access to their services. Upbit, Bitthumb, Gopax, Coinone, and Korbit – to mention a few – are majorly citing sanctions as their motives for making this decision.

However, other popular cryptocurrency exchanges like Binance, Kraken, and Coinbase have said they will not be imposing any bans on Russians. 

South Korean

Top Crypto Exchanges in South Korea hand out sanctions and Restrict accounts

On Mar. 3, The Korea Times initially released a report stating that Upbit, Coinone, Bitthumb, Korbit, and Gopax are imposing bans on Russian accounts. 

The report shows that the above-mentioned crypto exchanges have “blocked Russian IP-addresses” and can restrict users from withdrawing funds “if the transactions are found to be related to Russia”.

RELATED: South Korean opposition party wants to suspend Crypto Tax law

In a statement elsewhere, Upbit confirmed its actions by saying that it had “blocked subscriptions from users in countries at high risk of money laundering.” However, it chose to avoid any references to the ongoing Russia-Ukraine crisis but rather quoted Financial Action Task Force (FATF) guidelines. 

Other sanctions have been imposed on Russian accounts with Gopax reportedly freezing 20 Russian accounts giving reasons that it imposed the Office of Foreign Assets Control (OFAC) sanctions against Russia. 

Before these sanctions from South Korean exchanges, Russian banks have also been banned from the SWIFT banking network, which restricts all transactions between Russians and the United States or European Union.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

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