Around 20 Russian accounts have been frozen by a South Korean crypto exchange

South Korean cryptocurrency exchange Gopax announced on Wednesday that it has frozen and blocked Russian accounts and IP addresses from its platform.

South Korean crypto exchange – Gopax said:

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. 

The exchange has reportedly suspended roughly 20 accounts belonging to Russian consumers, according to local media.

In addition, Gopax claims that its limits are in line with the sanctions against Russia imposed by the US Office of Foreign Assets Control and the European Union.

Animoca Brands, based in Hong Kong, also announced on Friday that its services for Russian users have been discontinued.

However, not all crypto exchange agree, with Binance and Kraken stating that individual user accounts will not be frozen on their systems.

Gopax said on March 2 that it will block the accounts of users from Russia or who use Russian IP addresses.

According to reports, Exchange has blocked the crypto accounts of 20 Russian users, preventing them from accessing their wallets or trading activity.

Such moves, according to Gopax’s official statement, are part of the US Office of Foreign Assets Control’s and the European Union’s sanctions on Russia.

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