Cryptocurrency exchange platform Coinbase has decided to block more than 25,000 addresses related to Russian persons or entities. As reported on Monday, this initiative is due to suspicions of illicit activities related to these accounts.
Many of them illicit activities we have identified through our own proactive investigations. Once we identify these addresses, we share them with the US government to further support the application of sanctions, the service explained.
Coinbase expressed its support for the economic sanctions that various countries around the world have imposed on Russia as part of its military operation in Ukraine. In this sense, it has committed to a package of measures to collaborate in its compliance, arguing that digital assets have properties that naturally deter common approaches to sanctions evasion.
Specifically, the platform will block access to sanctioned persons or entities and will cancel their wallets or those of associated accounts, since evaders often try to mask their identities. Likewise, it ensures that it has "methods" to identify accounts of people sanctioned outside its service, even without having direct access to personal information.
Coinbase helps ordinary people protect, build, and share their wealth through crypto technology. At the same time, we work aggressively to promote security and transparency on our platform, including through our commitment to compliance with sanctions, concludes the company.
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