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HomeLaw & PoliticsSouth Korean ‘Big Four’ crypto exchanges claim to freeze all Russian users

South Korean ‘Big Four’ crypto exchanges claim to freeze all Russian users

All 4 major South Korean crypto exchanges have stated that they will restrict customers with Russian IP addresses "in line with sanctions."

The ‘Big Four’ Korean exchanges- Upbit, Bithumb, Coinone, and Korbit have reportedly followed the lead of Gopax, a smaller exchange that declared earlier this week that it would no longer allow customers with Russian IP addresses to access its site. Despite the fact that their international counterparts have stated that such a step is not possible without official government guidance.

Binance, Coinbase, and Kraken have all ruled out from moving on their own without any official notice, stating that it would be an “ethical” infraction. These exchanges have also declared that they will follow current sanctions that prohibit blacklisted persons from utilising financial resources. However, they will adhere to penalties requiring them to restrict Russia-based users if legally forced to do so.

South Korean crypto exchanges appear to be following public sentiment, with many residents and top politicians asking for even more harsh actions against Russia. Yesterday Upbit, the market-leading platform, stated that withdrawals of virtual assets from Russian IP addresses may be limited, adding that users “from high-risk nations have already been blocked. Bithumb, Coinone, and Korbit have also blacklisted all Russian IP addresses as American politicians continue to debate methods to keep Russians out of crypto— with measures such as prohibiting the trading of coins purchased with rubles already being proposed.

 

Vaishali Goel
Technology enthusiast, explorer and academic scholar. Currently exploring the crypto world. Join me in my journey to see how crypto, NFT and Metaverse will change the world.
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