Coinbase Seizes 25,000 Cryptocurrency Wallets Associated With Russian Customers.

2022-03-11 | Selina Mathew

Coinbase Seizes 25,000 Cryptocurrency Wallets Associated With Russian Customers.

Coinbase Global Inc., a crypto exchange platform, announced the blocking of approximately 25,000 wallet addresses associated with Russian persons or businesses suspected of participating in illegal behavior.

According to 2021 statistics, the blacklisted addresses account for around 0.2 percent of Coinbase's 11.4 million monthly transactional customers. Coinbase's chief legal officer, Paul Grewal, stated in a business-post that the biggest US cryptocurrency exchange has barred entry for sanctioned persons and is employing blockchain analytics to detect addresses possibly related to them, which it subsequently attaches to an internal blocklist.

"Today, Coinbase prohibits approximately 25,000 addresses associated with Russian persons or businesses that we suspect are participating in criminal activities, most of which we have found via our own diligent inquiries," Grewal stated. "We discussed them with the authorities in order to strengthen sanctions implementation."

As Russia launched its invasion of Ukraine, the Biden government requested cryptocurrency exchanges to assist guarantee that Russian nationals and organizations aren't utilizing digital currencies to dodge US sanctions, Bloomberg News said, quoting individuals familiar with the situation.

Prominent cryptocurrency exchanges such as Coinbase as well as Binance have stated that they would cooperate with government demands to block sanctioned persons however will not prohibit all Russian customers. Coinbase CEO Brian Armstrong previously stated that some customary Russians are utilizing cryptocurrency as a "safety net nowadays since their value of money has crumbled.

Leave a comment

Your email address will not be published. Required fields are marked *

Top 7 cryptocurrency overview



Best trading tool for cryptocurrency

2022 Top cryptocurrency Price Prediction List