The ongoing war between Russia and Ukraine, RussiaThis led to severe sanctions. Russia, which invaded Ukraine, has now taken a global economic blow and its aftershocks continue.
Small Exchanges Start Blocking Russian Users
Although Russian citizens’ accounts were requested to be frozen, especially from major cryptocurrency exchanges, this request was not accepted by major exchanges. Coinbase and Binance officials did not approve of the punishment of innocent Russian citizens for Putin’s actions and has now opposed it.
However, a South Korean-based cryptocurrency exchange has already 20 Russian announced that he had frozen the user’s account.
One of South Korea’s largest cryptocurrency exchanges gopax, He announced on Wednesday that he had blocked Russian accounts and IP addresses. According to information reported by local media, the exchange blocked 20 accounts belonging to Russian users. gopax, these restrictions OFAC and EU He stressed that it was taken because of the sanctions against Russia.
based in Hong Kong Animoca Brands also stressed that it will not serve Russian users. While it makes sense for smaller cryptocurrency exchanges to do so, probably because of little Russian traffic, the leading cryptocurrency exchanges make up a significant portion of their traffic. For this reason, it seems like a very reasonable decision for exchanges to continue serving Russian users until a subpoena is received.