- Coinbase has blocked over 25,000 Russian Addresses.
- These accounts are believed to have been linked to illicit activities.
- The announcement was made on the Coinbase blog.
The US-based cryptocurrency agency Coinbase has blocked over 25,000 addresses related to Russian individuals or entities engaging in illicit activities. They have put up a post detailing this decision on a blog on the Coinbase site. The organization says that they are dedicated to complying with sanctions and, as a result, are developing a multi-layered, worldwide sanctions program.
JUST IN: Coinbase has blocked over 25,000 addresses related to Russian individuals or entities engaging in illicit activity.
— Watcher.Guru (@WatcherGuru) March 7, 2022
The leading crypto exchange states:
Today, Coinbase blocks over 25,000 addresses related to Russian individuals or entities we believe to be engaging in illicit activity, many of which we have identified through our own proactive investigations.
The move comes days after Coinbase CEO Brian Armstrong said they wouldl comply with the sanctions against Russia. On Friday, Armstrong addressed the issue of whether crypto could be used to avoid sanctions. In a Twitter thread, he explained that every US company had to follow the law.
Armstrong further added that this is why they screened people who signed up for their service against global watchlists and blocked transactions from IP addresses that might belong to sanctioned individuals or entities.
However, he didn’t believe that there was a high risk of Russian oligarchs using crypto to avoid sanctions. Moreover, he said that they are not preemptively banning all Russians from using Coinbase. “We believe everyone deserves access to basic financial services unless the law says otherwise,” he stated.
8/ Some ordinary Russians are using crypto as a lifeline now that their currency has collapsed. Many of them likely oppose what their country is doing, and a ban would hurt them, too. That said, if the US government decides to impose a ban, we will of course follow those laws.
— Brian Armstrong – barmstrong.eth (@brian_armstrong) March 4, 2022
Coinbase is a popular American online platform for buying, selling, transferring, and storing cryptocurrency. The organization mentions on its site that they are committed to building a safe and responsible financial system that promotes economic freedom around the world.
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