Coinbase Blocks Over 25,000 Russian-linked Crypto Addresses
Coinbase, one of the most popular cryptocurrency exchange platforms, announced today that it’s blocking access to more than 25,000 blockchain addresses linked to Russian individuals and entities.
The company also shared all the block addresses with the US government to “further support sanctions enforcement.
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Paul Grewal, Coinbase’s Chief Legal Officerlaos, added that the crypto exchange is blocking sanctioned actors from opening new accounts and actively detecting attempts to evade the ban.
Coinbase and other crypto exchanges, including Binance, refused to freeze all Russian users’ accounts but said they would comply with US and European Union economic sanctions imposed on Russia after its armed forces invaded Ukraine.
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Binance and Coinbase spokespersons added that, while they will not block all Russian accounts on their platforms, the crypto exchanges will take steps to identify all sanctions entities and individuals and block their accounts and transactions.
While Coinbase cited “economic freedom in the world” to explain this decision, Binance said it was about “greater financial freedom for people across the globe” and banning users’ access to their cryptocurrency “would fly in the face of the reason why crypto exists.”
“Sanctions play a vital role in promoting national security and deterring unlawful aggression, and Coinbase fully supports these efforts by government authorities,” Grewal added today.
“They are best placed to decide when, where, and how to apply them.”