Cryptocurrencies: Coinbase blocks 25,000 Russian addresses allegedly related to illegal activities
The main cryptocurrency exchange, Coinbase, has decided to block access to over 25,000 addresses relating to Russian individuals.
Coinbase, the leading US-based cryptocurrency exchange, blocks access to over 25,000 addresses. The addresses, relating to Russian individuals who are allegedly involved in illegal activities.
Coinbase blocks 25,000 Russian addresses
March 7, 2022.
According to an official blog post, the leading cryptocurrency exchange, Coinbase, blocks over 25,000 addresses. These would relate to Russian individuals or entities believed to be involved in illegal activities. Many of which, identified through the company’s own security investigations.
The post reiterated once again that the exchange is committed to respecting the sanctions.
Today Coinbase blocks over 25,000 addresses relating to Russian individuals or entities that we believe are involved in illegal activities, many of which we have identified through our proactive investigations. Once these guidelines were identified, we shared them with the government to further support the enforcement of sanctions.
let Coinbase know.
During onboarding, Coinbase checks the account applications against the lists of sanctioned persons or entities. These include those managed by the United States, the United Kingdom, the European Union, the United Nations, Singapore, Canada and Japan.
Cryptocurrencies to avoid sanctions?
Many have raised the question of whether cryptocurrencies can be used to avoid sanctions imposed on Russia following the invasion of Ukraine. Coinbase CEO Brian Armstrong said he doesn’t think there is a high chance of this happening.
That said, we don’t think there is a high risk of Russian oligarchs using cryptocurrencies to avoid sanctions. Since this is an open ledger, trying to sneak a lot of money through cryptocurrencies would be more traceable than using cash, art, gold or other US dollar assets.
In the same thread, Armstrong also stressed that Coinbase will not prohibit Russians from using the platform in advance.
To find out more, read our article “Cryptocurrency Platforms Refuse Request to Freeze Russian Funds”.