Coinbase has announced that it has blocked 25,000 addresses that are apparently linked to illicit activity, all of these addresses are related to Russian individuals.
Many governments around the world have sanctioned Russia over their illegal invasion of Ukraine. Some of the sanctioned individuals may have thought that they could get around the sanctions using cryptocurrency.
It would appear that this is not the case as now Coinbase is blocking access for these individuals, you can see more details from the company below.
Coinbase is committed to building a safe and responsible financial system that promotes economic freedom around the world. We strive to be the most trusted platform for buying, selling, and exchanging digital assets, helping everyday people to participate in the crypto economy. We earn that trust by working hard to ensure the integrity of all transactions supported by our platform, and a critical part of that goal is our compliance with economic sanctions.
In the past few weeks, governments around the world have imposed a range of sanctions on individuals and territories in response to Russia’s invasion of Ukraine. Sanctions play a vital role in promoting national security and deterring unlawful aggression, and Coinbase fully supports these efforts by government authorities. Sanctions are serious interventions, and governments are best placed to decide when, where, and how to apply them.
You can find out more details about what Coinbase is doing to stop cryptocurrency being used to get around sanctions over at their website at the link below.
Image Credit: Karolina Grabowska
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