Another crypto exchange blocks Russian citizens’ accounts amid sanctions

South Korean cryptocurrency exchange Gopax announced the blocking of accounts belonging to Russian citizens.

The platform froze accounts using Russian IP addresses, and the funds held on those accounts, in connection with sanctions by the U.S. Treasury’s Office of Foreign Assets Control (OFAC) and the EU against Russia.

The block took effect on March 2.

Earlier, amid the war in Ukraine, restrictions for Russian users were imposed by cryptocurrency exchanges Kuna, WhiteBIT and CEX.io.

The United States said it would step up monitoring of Russia’s evasion of sanctions through cryptocurrency.

Experts say that Russia will not be able to circumvent sanctions using crypto assets, given the scale of its economy and the imposed restrictions.

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