SEOUL, March 3 (Yonhap) — Major cryptocurrency exchanges in South Korea have blocked IP addresses from Russia in an effort to hitch world sanctions towards Moscow over its invasion of Ukraine.
Upbit, the nation’s largest cryptocurrency change by transaction, introduced Thursday withdrawal requests from Russian IP addresses might be rejected.
“We’ve blocked subscriptions by customers in nations that are at excessive dangers of cash laundering, in keeping with tips of the Financial Action Task Force,” Upbit stated, referring to the worldwide anti-money laundering physique.
The change stated it may flip down requests to withdraw if they’re discovered to be transactions associated to Russia.
Gopax, one other cryptocurrency change, on Wednesday froze some 20 accounts registered by Russian customers and barred IP addresses from Russia.
Bithumb and Korbit additionally blocked entry from Russian IP addresses Thursday.
The United States and its allies have intensified sanctions towards Russia, together with export controls and eradicating Moscow from the SWIFT worldwide fee community.
Concerns have grown that Russia might use digital cash to stave off the affect of U.S. sanctions, because the SWIFT-related measure is meant to depart Russia additional remoted from the worldwide monetary system.