Coinbase has blocked more than 25 000 Russian accounts

The exchange intends to comply with sanctions against Russia

07.03.2022 - 09:00

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What’s new? Coinbase chief legal officer Paul Grewal has announced on the exchange’s official blog that he supports economic sanctions against the Russian Federation. The platform implements a multi-layered program of global sanctions. Individuals and entities are subject to sanctions and those who evade them will be blocked.

Link to the Coinbase blog

What has been done? Coinbase has already blocked more than 25 000 accounts of users from Russia who are believed by the exchange to be engaged in illegal activities. Digital asset transactions are traceable, persistent, and publicly available, making it unlikely they will be used to evade sanctions.

“We are always working to build trust in the crypto industry,” Paul Grewal stated.

What preceded it? The Binance cryptocurrency exchange has restricted access to cardholders of sanctioned Russian banks. The South Korean crypto exchanges and the developers of the MetaMask cryptocurrency wallet have joined the economic restrictions against Russia. The exchanges such as Kuna, WhiteBIT, and CEX.io completely blocked users from the Russian Federation.

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