South Korean Crypto Exchanges Block Russian-Based IP Addresses (Report)

Crypto.News

Upbit, Gopax, Bithumb, and Korbit stopped providing digital asset services to Russian-based users.

Some of the leading cryptocurrency exchanges in South Korea reportedly joined the growing number of global sanctions against Putin’s regime by blocking IP addresses from Russia. Among those trading venues are Upbit, Gopax, Bithumb, and Korbit.

South Korea’s Sanctions to Russia

The list of embargoes imposed on Russia keeps enlarging as the latest example came from the biggest South Korean digital asset trading venues. According to a recent local report, Upbit – the nation’s largest crypto exchange by transactions – announced it will start rejecting withdrawal requests from Russian IP addresses.

“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,” the company added.

Another large platform undertaking such policy is Gopax. It not only barred IP addresses from Russia but also froze 20 accounts registered from Russian users. The other exchanges that halted their services to such customers are Bithumb and Korbit.

Unlike these Korean companies, Binance and Kraken vowed not to restrict servicing Russian-based users. The former emphasized that crypto provides “greater financial freedom,” and such a move could oppose the principles of the sector.

Jesse Powell – Kraken’s CEO – expressed a similar stance, opining that bitcoin is the embodiment of libertarian values. He said his company cannot freeze the accounts of Russian clients without a legal requirement. He also assumed that many of those users are likely to be against Putin’s invasion of Ukraine.