South Korean crypto exchanges block Russian IP addresses as part of sanctions over Moscow’s war in Ukraine.
Major South Korean cryptocurrency exchanges have introduced restrictions for Russian users, effectively joining western sanctions over Moscow’s military invasion of Ukraine. The measures include blocking IP addresses originating from the Russian Federation.Several crypto trading platforms in South Korea, including the country’s largest, are banning access from Russian IPs, the Yonhap news agency reported on Thursday.
We’ve blocked subscriptions by users in countries which are at high risks of money laundering, in line with the guidelines of the Financial Action Task Force. The report also reveals that Russian IP addresses have been blocked by Bithumb, Korbit, and Gopax. The latter froze 20 accounts registered by Russian users on Wednesday.
The restrictive measures in South Korea come as the United States and its allies are imposing wave after wave of sanctions on Russia, including export controls andthat Russia may employ cryptocurrency to evade western sanctions have grown, as the country is being further isolated from the global financial system. G7 members and the European Union have been working to prevent Russia from using digital assets to circumvent restrictions.
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