Coinbase blocked over 25,000 Russian crypto wallet addresses believed to be associated with illicit activities

According to a blog post on Monday, Nasdaq-listed Coinbase said it has blocked the accounts and has shared the blocked addresses with the US government. They have blocked over 25,000 crypto wallet addresses believed to be associated with Russian individuals and entities engaging in illicit activities.

Coinbase blocks 25,000 Russian crypto wallet addresses

Coinbase’s Chief Legal Officer Paul Grewal said many of the accounts had been identified through the exchange’s own “proactive” investigations. The move is part of a broader response to the invasion of Ukraine by Russia, the exchange said. The US government has shared the addresses to “further support sanctions enforcement.”

“Sanctions play a vital role in promoting national security and deterring unlawful aggression, and Coinbase fully supports these efforts by government authorities,” the post said.

However, Coinbase said it would not impose a comprehensive ban on all Russian wallet addresses but pledged to comply with the sanctions.

The United States has asked crypto exchanges to comply with Western sanctions to apply more financial pressure on Russia in the wake of the Ukraine invasion.

As AZCoin News reported, the world’s largest cryptocurrency exchange, Binance, has said that it intends to comply with the sanctions imposed on Russia. Still, like Coinbase, it has not blocked individual users.

Sign up for a Binance account here (Discount 10% trading fees): https://accounts.binance.com/en/register?ref=29171587

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