{"id":222987,"date":"2022-03-04T21:05:53","date_gmt":"2022-03-04T21:05:53","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=222987"},"modified":"2022-03-11T04:04:37","modified_gmt":"2022-03-11T04:04:37","slug":"reactions-against-russia-continue-largest-south-korean-exchanges-block-russian-ips","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/reactions-against-russia-continue-largest-south-korean-exchanges-block-russian-ips\/","title":{"rendered":"Reactions against Russia continue: largest South Korean exchanges block Russian IP&#8217;s"},"content":{"rendered":"<p style=\"text-align: left;\">Russia invaded Ukraine just seven days ago, and the world continues to react. As Russia <a href=\"https:\/\/cryptoslate.com\/with-russia-cut-off-from-swift-could-bitcoin-play-a-role-in-avoiding-sanctions\/\">relied on cryptocurrencies to combat economic isolation<\/a>\u00a0and its citizens <a href=\"https:\/\/cryptoslate.com\/russians-are-paying-up-to-20000-above-market-rate-to-buy-bitcoin\/\">relied on Bitcoin<\/a> against the falling ruble,\u00a0 major crypto exchange platforms became related to the crisis first-hand.<\/p>\n<p>Ukraine reached out to major crypto exchange platforms to block Russian addresses in the early days of the invasion. In his tweet, the Vice Prime Minister of Ukraine especially requested a ban on ordinary users and political figures.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">I&#39;m asking all major crypto exchanges to block addresses of Russian users. <\/p>\n<p>It&#39;s crucial to freeze not only the addresses linked to Russian and Belarusian politicians, but also to sabotage ordinary users.<\/p>\n<p>&mdash; Mykhailo Fedorov (@FedorovMykhailo) <a href=\"https:\/\/twitter.com\/FedorovMykhailo\/status\/1497922588491792386?ref_src=twsrc%5Etfw\">February 27, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In response to this call, crypto exchange giant <a href=\"https:\/\/cryptoslate.com\/companies\/binance\/\">Binance<\/a> publicly declared that while they do not support Russia's aggression, they will not freeze anyone's accounts as it goes against the very spirit of crypto by <a href=\"https:\/\/www.cnbc.com\/2022\/02\/28\/binance-will-not-block-russian-accounts-after-ukraine-request.html\">stating<\/a>:<\/p>\n<blockquote><p>&#8220;Crypto is meant to provide greater financial freedom for people across the globe. To unilaterally decide to ban people\u2019s access to their crypto would fly in the face of the reason why crypto exists.&#8221;<\/p><\/blockquote>\n<p>However, the company spokesperson also said they'd be applying the sanctions if the international community widens them.<\/p>\n<p>CEO of Kraken also agreed with Binance where he <a href=\"https:\/\/www.cnbc.com\/2022\/02\/28\/binance-will-not-block-russian-accounts-after-ukraine-request.html\">stated<\/a> that they<\/p>\n<blockquote><p>\u201ccannot freeze the accounts of our Russian clients without a legal requirement to do so.\u201d<\/p><\/blockquote>\n<p>While no legal decrees have been given against Russia's access to crypto trades, the U.S. Department of Justice <a href=\"https:\/\/cryptoslate.com\/u-s-department-of-justice-to-set-up-task-force-to-enforce-russia-sanctions\/\">set up a task force to seize the properties of Russia's <\/a>most prosperous. The task force will also target the crypto exchanges, as it can be used to avoid sanctions.<\/p>\n<p>Following this news, even though it didn't imply a legal requirement, major exchanges from South Kore took action to enforce sanctions.<\/p>\n<p>Gopax, one of South Korea's largest exchange platforms, was the first to <a href=\"https:\/\/cryptonews.net\/news\/market\/3296045\/\">publicly announce<\/a> that they were barring IP addresses from Russia and completely froze 20 accounts on the 2nd of March.<\/p>\n<p>Soon after, Upbit, Bithumb, Coinone, and Korbit also <a href=\"https:\/\/cryptonews.net\/en\/3289573\/\">announced<\/a> that they were going to apply bans on Russian addresses as they can easily be used to launder money. In addition, representatives from the largest South Korean exchange platform, Upbit, said:<\/p>\n<blockquote><p>\u201cWe\u2019ve blocked subscriptions by users in countries which are at high risks of money laundering, in line with guidelines of the Financial Action Task Force,\u201d<\/p><\/blockquote>\n<p>These four exchanges were the only local platforms licensed to provide cash-to-crypto transactions in South Korea. However, with these sanctions, no Russians in South Korea are currently able to cash out their crypto assets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Russia invaded Ukraine just seven days ago, and the world continues to react. As Russia relied on cryptocurrencies to combat economic isolation\u00a0and its citizens relied on Bitcoin against the falling ruble,\u00a0 major crypto exchange platforms became related to the crisis first-hand. Ukraine reached out to major crypto exchange platforms to block Russian addresses in the [&hellip;]<\/p>\n","protected":false},"author":1262,"featured_media":223080,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Reactions against Russia continue: largest South Korean exchanges block Russian IP&#039;s<\/title>\n<meta name=\"description\" content=\"Exchange platforms respond differently to the Russian invasion of Ukraine. Five of South Korea&#039;s leading exchange platforms have banned Russian IP&#039;s.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/reactions-against-russia-continue-largest-south-korean-exchanges-block-russian-ips\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Reactions against Russia continue: largest South Korean exchanges block Russian IP&#039;s\" \/>\n<meta property=\"og:description\" content=\"Exchange platforms respond differently to the Russian invasion of Ukraine. Five of South Korea&#039;s leading exchange platforms have banned Russian IP&#039;s.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/reactions-against-russia-continue-largest-south-korean-exchanges-block-russian-ips\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-04T21:05:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-11T04:04:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/southkorea-russia-ban.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1100\" \/>\n\t<meta property=\"og:image:height\" content=\"619\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Zeynep Geylan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Zeynep Geylan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/reactions-against-russia-continue-largest-south-korean-exchanges-block-russian-ips\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/reactions-against-russia-continue-largest-south-korean-exchanges-block-russian-ips\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/#person\",\"name\":\"Zeynep Geylan\",\"url\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/zeynep-geylan\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/zeynep-geylan-author-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/03\/zeynep-geylan-author-300x300.jpg\",\"caption\":\"Zeynep Geylan\"},\"jobTitle\":\"Journalist\",\"description\":\"Zeynep is an academic who turned to crypto in 2018. 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