Major US-based cryptocurrency exchange, Coinbase, has decided to block access to more than 25,000 addresses belonging to Russian individuals who are allegedly engaged in illegal activities.
Coinbase blocks 25K Russian addresses
According to an official blog post today – March 7, 2022 – Coinbase, the leading US cryptocurrency exchange, has blocked “over 25,000 addresses belonging to Russian individuals or entities that we believe to be engaging in illegal activity, including Many have been identified through our own protective investigations.”
In addition, the company has shared these addresses with the US government to “support sanctions enforcement.”
The Post once again reiterated that the exchange is “committed to complying with the sanctions.”
During onboarding, Coinbase checks account applications against a list of approved individuals or entities, including those maintained by the United States, United Kingdom, European Union, United Nations, Singapore, Canada and Japan.
In any case, the move comes just days after the CEO of Coinbase said they would comply with sanctions against Russia.
To avoid crypto restrictions?
Many have questioned whether cryptocurrencies can be used to evade sanctions imposed on Russia after its invasion of Ukraine.
Coinbase CEO Brian Armstrong said he doesn’t think there is any high probability.
That being said, we do not think there is any high risk of Russian oligarchs using crypto to evade sanctions. Because this is an open account, trying to launder a lot of money via crypto would be more traceable than using US dollar cash, art, gold or other assets.
In the same thread, Armstrong also emphasized that Coinbase would not preemptively ban Russians from using the exchange.
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