Ukraine’s call to ban Russians from the crypto market has been rejected by crypto exchange giants like Binance and Coinbase unless required by law.
Following the official US move to tighten sanctions against Russia, 5 local Korean exchanges announced yesterday that they are banning Russian IPs and freezing their accounts. , as Bitcoin Magazine reported.
These five exchanges are the only ones authorized to issue crypto-fiat transactions. As a result, this uniform ban prevented Russian users from withdrawing cash from their crypto assets in South Korea.
Singapore and Switzerland announce sanctions
Today, Singapore made a surprise announcement, imposing sanctions on the Central Bank of Russia, its crypto transactions and an export ban on military and electronics.
Given Singapore’s financial importance to the region, the decision is expected to have a significant impact on Russia. By the same token, Singapore hasn’t imposed sanctions on any country in decades. This rare decision makes Singapore the first Southeast Asian country to impose sanctions on Russia.
After Singapore and South Korea, Switzerland also announced that it would freeze crypto assets of Russian users.
“The freezing of crypto assets is necessary because Switzerland wants to protect the integrity of its blockchain industry.”
The EU has previously imposed sanctions on traditional financial transactions and recently announced it would extend those sanctions to the cryptocurrency market.
Japan will also punish Russia
Although it has yet to take any official steps, Japan also announced that it is closely investigating Russia’s trend towards crypto-based sanctions evasion and is introducing restrictions to prevent it. The Japanese finance minister said:
“We are closely monitoring cases of payments in the form of crypto assets and SPFS to ensure the effectiveness of sanctions against Russia.”
It seems likely that the crypto community will see more sanctions against Russia, starting with Japan.
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According to Cryptoslate