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South Korean crypto exchanges ban Russian IP addresses in accordance with global sanctions

Experts noted that the belief that Russians could use cryptocurrencies to evade sanctions might be wrong as the surge in bitcoin price cannot be attributed to Russians buying more cryptos.

In accordance with the global sanctions imposed on Russians for invading Ukraine and launching destructive attacks on the residents of Ukraine, the leading South Korean cryptocurrency exchanges have decided to ban the IP addresses of Russian-based users.

South Korean exchanges ban Russians from crypto services

According to a recent Report from a local media outletA number of leading cryptocurrency exchanges in the South Korean region have decided to join the trend of institutions imposing tech bans on Russians to help Ukraine defend against the Russian onslaught.

On Thursday, South Korea’s largest cryptocurrency exchange by transaction, Upbit announced plans that it could start rejecting withdrawal requests from IP addresses of Russian users. The announcement reads:

“We have blocked subscriptions from users in countries at high risk of money laundering, in accordance with Financial Action Task Force guidelines.”

Similarly, other South Korean cryptocurrency exchanges such as Bithumb, Korbit, and Gopax had reportedly banned the IP addresses of their Russian customers. The latter announced on Wednesday that it had frozen about 20 crypto accounts registered by Russian citizens and blocked IP addresses from Russia.

Russian Crypto Volume Plunges 50% Despite Sanctions

Opinions suggest that the Russians could adopt the use of cryptocurrencies to scale through the increasing economic sanctions being imposed on them. As a result, the US and its allies have further tightened their sanctions against Russia and continue to seek to extract them from the international financial system. New York also continues to use technical efforts to dissuade the Russians from invading Ukraine. Commenting on the sanctions imposed on Russia, New York Governor Kathy Hochul said:

“New York is proud to be home to the largest Ukrainian population in the country and we will use our technological resources to protect our people and show Russia that we will hold them accountable.”

However, recent reports reveal that the sanctions may not have the expected impact on Russia’s use of cryptocurrencies, as Russia-denominated crypto buying and trading on the world’s major exchanges has fallen by 50% despite the tightened economic sanctions against the country.

Experts noted that the belief that Russians could use cryptocurrencies to evade sanctions might be wrong as the surge in bitcoin price cannot be attributed to Russians buying more cryptos.

“Russian volumes have been relatively light so far, suggesting that the price action is more a result of investor positioning for an expected pick-up in demand from Russia, rather than Russian demand itself,” said Citigroup analyst Alexander Saunders.

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John Caroline

Caroline is an avid writer who has recently sparked interest in Bitcoin and the cryptocurrency community. She is constantly learning about the industry and strives to provide timely and accurate information on the latest developments in the crypto space

https://www.coinspeaker.com/south-korean-crypto-exchanges-russian-ip/ South Korean crypto exchanges ban Russian IP addresses in accordance with global sanctions

Caroline Bleakley

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