No, it's not racist.

The company that runs the game is just trying to crack down on a practice that is against their rules.
A lot of the violaters happen to be rather ingenious people from asia. But the issue is the the violation, not the race.

Same thing happened with Diablo, and I hear it's happening now with Wow. I hear the exchange rate for Wow gold is 10 to the dollar. As if our economy wasn't virtual enough already.