Borabit Joins Russia Sanctions... "IP Blocking and Account Freezing Measures"
[Asia Economy Reporter Lee Jung-yoon] Domestic cryptocurrency exchange Borabit is joining sanctions against Russia for its invasion of Ukraine.
Borabit announced on the 11th that it has completed measures including blocking Russian IP access and freezing all accounts of customers with Russian nationality.
Borabit continues to participate in the international community's condemnation of Russia's aggression and plans to implement additional restrictions by referring to the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) sanctions list and the Financial Action Task Force (FATF) list of high-risk countries.
Currently, additional restrictions are under review, and Borabit intends to participate in building donation infrastructure to help Ukrainians receive economic assistance through cryptocurrency.
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A Borabit official stated, "Cryptocurrency fundraising activities for Ukraine are currently receiving great attention," adding, "We expect this to help change the perception of cryptocurrency in the future, as well as contribute to the globalization of domestic exchanges and the easing of regulations."
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