Last week, the Ukrainian government called on exchanges to impose a blanket ban on Russian crypto accounts. The request followed news of Deputy Prime Minister Mykhailo Fedorov offering bounties for information relating to crypto wallets linked to Russian and Belarusian politicians and their surroundings.

After a slow response to the Ukrainian government’s request, South Korean crypto exchanges have stepped forward.

South Korean Exchanges Move Against Russian IP Addresses

Late last week, South Korean exchanges joined a list of platforms targeting Russian account holders. According to the media, some of South Korea’s largest crypto exchanges barred Russian IP addresses.

Exchanges targeting Russian IP addresses included Gopax, Upbit, Bithumb, Coinone, and Korbit.

Several individual exchanges took additional steps to target Russian users. Additional steps include the following:

• Restrictions on Russian addresses.
• Barring subscriptions from customers in high-risk money laundering countries, based on South Korea’s Financial Action Task Force principles.
• No cashing out of crypto holdings for Russian account holders.

South Korea’s crypto regulations are considered to be among the most stringent.