Published On: Fri, Apr 1st, 2022

BitWell Will Not Comply with the Cryptocurrency Sanctions against Russia Requested by the South Korean Finance Ministry

Recently, South Korea joined the United States and the European Union in banning transactions with seven major Russian banks and their affiliates, including Sberbank of Russia PJSC, targeting Russia with increased sanctions.

Currently, the South Korean authorities have decided to freeze any assets held by the Russian central bank in South Korean won. In addition to banking sanctions, South Korea has also imposed tough sanctions on Russia in the area of crypto finance.

According to the Korean Yonhap News Agency, major South Korean exchanges, including Upbit, have blocked withdrawals from IP addresses linked to Russia since March 3. Other local crypto exchanges such as Gopax, Bithumb and Korbit have also restricted access to platform accounts from Russian IP addresses.

In response to this South Korean IP blocking and restricted login sanctions against Russia, BitWell, the world’s leading growth asset trading platform, said, “BitWell upholds the principle of privacy and inviolability of private assets and will not block Russian users or Russian IPs, nor will it freeze any Russian user assets, continuing to build a private, fair and free crypto environment.”

With the recent influx of ordinary Russian users under sanctions registering and trading with BitWell, BitWell has announced that it will waive transaction fees for all users in Russia during the war, and a Russian language version will be available as soon as possible. Additionally, BitWell will consider opening a Russian ruble fiat-deposit channel in the future to provide exclusive customer support services.