Domestic Cryptocurrency Exchanges Join 'Russia Sanctions'... Upbit, Bithumb, Coinone, Korbit Block Russian IPs

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[Asia Economy Reporter Park Jihwan] Major domestic cryptocurrency exchanges such as Upbit, Bithumb, Coinone, and Korbit are joining sanctions against Russia following its invasion of Ukraine. After Gopax, the four major exchanges?Upbit, Bithumb, Coinone, and Korbit?have also started blocking Russian IP addresses.

On the 3rd, Upbit announced that withdrawals of virtual assets from Russian IPs may be restricted. Upbit stated, "We have already blocked membership registration from high-risk countries," adding, "It is fundamentally impossible for Russian nationals to register as members, and there are no members of Russian nationality."

Bithumb and Korbit also blocked Russian IPs in the afternoon of the same day.

On the 2nd, Gopax announced that it was the first domestic cryptocurrency exchange to block access from Russian IPs.

Currently, major Western countries including the United States are condemning Russia's invasion of Ukraine and participating in stringent economic sanctions. These countries have decided to expel Russia from SWIFT, the international interbank payment network. The United States is also reviewing cryptocurrency sanctions that include banning virtual currencies initially sold in rubles and cryptocurrency transactions requested by Russian users.

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