• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
crypto exchanges

South Korea’s 4 Biggest Crypto Exchanges Slam The Door On Russian Users

Christian Encila by Christian Encila
2 years ago
in Bitcoin, Crypto News
0

Several of South Korea’s largest crypto exchanges have allegedly joined the increasing list of global sanctions against Russian President Vladimir Putin’s regime by barring the country’s IP addresses.

Gopax, one of the major exchange platforms in South Korea, was the first to publicly reveal Thursday that it was blocking IP addresses from the country and fully freezing 20 accounts.

Gopax just signed a banking agreement with a local institution under its true name, indicating that it may soon resume crypto-to-fiat trade.

Gopax declared that it was acting “in compliance with” the US Department of the Treasury and the European Union’s sanctions.

Snub From SoKor’s Top Crypto Exchanges

Upbit, South Korea’s largest cryptocurrency exchange in terms of transaction volume, has also declared that it will begin refusing withdrawal requests from Russian IP addresses.

Binance, Coinbase, and Kraken have all stated that they will not make such a move on their own, stating it would be an “ethical” infraction.

Additionally, the three biggest cryptocurrency exchanges declared that they will adhere to existing regulations prohibiting flagged persons from accessing financial resources.

Related Article | Should Crypto Exchanges Ban Russian Users? Kraken CEO’s Opinion

Total crypto market cap at $1.723 trillion in the daily chart | Source: TradingView.com

Kraken Chief Executive Officer Jesse Powell stated that bitcoin is the “embodiment of libertarian ideas,” adding that his company cannot freeze Russian clients’ accounts in the absence of a legal mandate.

Powell also believed that a sizable portion of those users would be opposed to Putin’s invasion of Ukraine.

They have stated, however, that they will adhere to sanctions that force them to restrict Russia-based users if legally needed.

Shutting Off The Russians

Additionally, Bithumb, Coinone, Upbit, and Korbit declared that they will impose limitations on Russian addresses, citing their ease of use for criminal operations such as money laundering.

“We have suspended subscriptions from customers in countries with a high risk of money laundering, in accordance with Financial Action Task Force principles,” Upbit disclosed in a statement.

As this situation has developed, American legislators have been debating methods to prevent Russians from accessing crypto — with proposals to ban the trading of coins purchased with rubles already being floated.

These South Korean exchanges are the country’s only ones licensed to conduct cash-to-crypto trades. However, no Russians in South Korea are now allowed to cash out their crypto holdings because of these sanctions.

Normal Levels

Meanwhile, crypto trade volumes utilizing the Ukrainian hryvnia (UAH) as the fiat currency have returned to roughly normal levels, despite the fact that banking restrictions in Ukraine have made fiat transactions increasingly problematic in the region.

However, crypto trading involving the Russian ruble (RUB) on the cryptocurrency exchange Binance were well above their regular levels this week.

Related Article | EU Monitor Crypto Exchanges To Ensure Russian Sanctions Implementation

Featured image from Forkast, chart from TradingView.com
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Christian Encila

Christian Encila

Related Posts

Bitcoin

Bitcoin Next Moonshot? Santiment’s Intriguing Insights For Crypto Enthusiasts

6 hours ago
crypto

Crypto Clients In China Targeted As Singapore Expands Money Laundering Probe

1 day ago
Bitcoin shorters

Bullish Signal: Bitcoin Could Reach $30,000 As BTC Continues To Defy Shorters

1 day ago
Bitcoin

Bitcoin Dominance Returns Above 50% As Altcoins Encounter Resistance

3 days ago
Bitcoin

Get Ready For Bitcoin’s Next Surge: Analyst Believes ‘This Is The Beginning’

4 days ago
Bitcoin

Bitcoin Miners Lead In Clean Energy Adoption, Surpassing 50%

1 week ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • Solana (ADA) investors are still worried – The new...

    1 hour ago
  • Crypto Bargains: 5 Tokens Under $1 to Buy Today

    5 hours ago
  • When Crypto Investors Are Fearful, It is Time To Accumulate...

    6 hours ago
  • Dolomite Integrates Chainlink, Stellar to Launch the...

    7 hours ago
  • Shiba Inu Token Burn Skyrockets, Pepe Price Prediction Goes...

    7 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.