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Korean crypto exchange banned accounts of 20 Russian users

Korean crypto exchange banned accounts of 20 Russian users 6

A crypto exchange of South Korea freezed the crypto account of the crypto traders belonging to the Russian Federation. 

Today is the seventh day of the Ukraine vs Russia fight because of their political agendas & disagreement. The majority of the countries are in support of Ukraine against Russian invasions. To slow down the aggression of the Russian government against Ukraine, the majority of the countries are introducing their sanctions on Russia. In this critical situation, the crypto industry is getting huge traction because experts believe that Russia may use crypto assets-based transactions to trade globally, so it will be easy to bypass the financial sanctions using crypto & blockchain industry support. 

On 2 March, Gopax, a South Korean cryptocurrency exchange, announced that it is going to freeze the account of the users which are belonging to the Russian locality or Operating accounts through Russian IP. 

Reports noted that Gopax banned a total of 20 Russian users’ crypto accounts and now these users can’t access their wallets and trading activities.

The official statement by Gopax crypto exchange clearly stated that such actions are part of the Sanctions imposed by the U.S. Office of Foreign Assets Control and the European Union’s sanctions on Russia. 

Earlier this, Animoca Brands, a Hong Kong-based company, announced that it is going to restrict its services offerings for Russian users. 

Disagreement between crypto exchanges 

Many exchanges followed the Sanctions imposed on Russia but significant number of crypto exchanges clearly stated that they are not in favour of freezing the account of innocent Russian users. 

In particular Binance exchange and Kraken exchange Executive claimed that they can’t freeze accounts of users on behalf of any pressure. Kraken CEO noted that without legal orders, it will not be better to restrict Russian users. 

Read also: 33% women are planning to buy crypto this year: Survey

Korean crypto exchange banned accounts of 20 Russian users


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