4 biggest South Korean crypto platforms prohibited Russian users

Crypto platforms operating through South Korea have been joining the increasing list of global sanctions against Russian President Vladimir Putin’s regime by barring the nation’s IP addresses. The tensions due to war between Russia and Ukraine have been spreading. Following the threats from Russia, several nations across the globe are allegedly joining the increasing list of global sanctions against the nation. Simultaneously, South Korean digital assets exchange platforms are also joining the list of sanctions against Russia.

Gopax freezes Russian accounts

Gopax is a South Korean crypto platform that allows its users to trade digital assets. It is one of the first platforms that has announced to have blocked the IP addresses from Russia. Furthermore, the exchange also underscored that it has already fully freezed 20 accounts.

Recently, the cryptocurrency firm has signed a banking agreement with a local institution under its true name. And the firm has also signaled that it may soon resume crypto-to-fiat trade.

According to Gopax, the exchange is acting in compliance with the US Department of the Treasury and the European Union’s sanctions.

What about other global crypto platforms?

Upbit, one of the leading digital assets exchanges in South Korea, has clarified its stance. Although the platform would not take some similar steps, it will begin refusing withdrawal requests from Russian IP addresses.

On the other hand, leading global players like Binance, Coinbase, and Kraken are believing that such moves would be an ethical infraction. Additionally, the firms will adhere to existing regulations prohibiting flagged persons from accessing financial resources.

According to Jesse Powell, the CEO of Kraken, Bitcoin and altcoins are embodiments of libertarian ideas. He further cited that Kraken cannot freeze Russian individuals in the absence of a legal mandate.

Furthermore, the team behind Kraken believes that a notable number of Russians are also against their president’s invasion of Ukraine.

South Korean exchanges are taking stringent steps

South Korean exchanges like Thumb, Coinone, Upbit, and Korbit have declared that they have suspended subscriptions from Russian clients. Moreover, it is significantly highlighted that such steps were taken to impose a limitation on Russian addresses with a high risk of money laundering, in accordance with the Financial Action Task Force principles.

It is also worth noting that American senators are also figuring out ways to prevent Russians from accessing digital currency.