Coinbase has announced that it has blocked 25,000 addresses that appear to be associated with illegal activity, all of these addresses are associated with Russian individuals.
Many governments around the world have imposed sanctions on Russia for its illegal incursion into Ukraine. Some of the sanctioned individuals may have thought they could get around the sanctions with cryptocurrencies.
This does not appear to be the case as Coinbase is currently blocking access for these individuals, you can see more details from the company below.
Coinbase is committed to building a secure and responsible financial system that promotes economic freedom around the world. We aim to be the most trusted platform for buying, selling and exchanging digital assets, helping ordinary people to participate in the crypto economy. We have earned this trust by working diligently to ensure the integrity of all transactions supported by our platform, and an important part of this goal is our compliance with economic sanctions.
Over the past few weeks, governments around the world have imposed a series of sanctions on individuals and territories in response to Russia’s invasion of Ukraine. Sanctions play a vital role in ensuring national security and deterring illegal aggression, and Coinbase fully supports these government efforts. Sanctions are serious interventions, and governments are best placed to decide when, where and how to apply them.
You can learn more about what Coinbase is doing to stop the use of cryptocurrencies to circumvent sanctions on their website at the link below.
Image credit: Karolina Grabowska
Headings: Technology news, Main news
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