Coinbase blocks 25,000 Russian addresses allegedly linked to illegal activity
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Answer Coinbase blocks 25,000 Russian addresses allegedly linked to illegal activity
The leading cryptocurrency exchange Coinbase in the United States of America has decided to block access to more than 25,000 addresses related to Russian individuals, who are supposed to be engaged in illegal activities.
Coinbase suspends 25,000 Russian titles:
According to the official blog published Today, March 7, 2022, Coinbase has blocked more than 25,000 addresses relating to Russian individuals or entities believed to be engaging in illegal activity.
From the Coinbase post:
Many of these addresses we have were identified through our preventive investigations.
In addition, the company has shared these addresses with the US government to support the implementation of sanctions.
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The post confirmed that Coinbase is committed to complying with the sanctions.
According to Coinbase, it identified the lists of individuals or entities subject to sanctions, including those held by the United States, the United Kingdom, the European Union, the United Nations, Singapore, Canada and Japan.
The move comes just days after the CEO of Coinbase announced that they would comply with sanctions against Russia.
Crypto to avoid penalties:
Many have raised the question of whether cryptocurrencies can be used to avoid sanctions imposed on Russia after its invasion of Ukraine.
Brian Armstrong, CEO of Coinbase, said he didn’t think there was much chance of that, stating:
We don’t think there is much danger of Russian oligarchs using cryptocurrency to avoid sanctions.
Since the blockchain is open, trying to sneak a lot of money through crypto will be much more traceable than using cash in dollars, art, gold, or other assets.
On the same topic, Armstrong also stressed that Coinbase would not prevent Russians from using the platform proactively.
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