Coinbase, one of the largest cryptocurrency exchanges in the world, says it has blocked more than 25,000 addresses linked to Russian individuals or entities believed to be involved in illegal activity. Coinbase and several other big-name global crypto companies like Binance and Kraken have not blocked the crypto accounts of Russian citizens. The international cryptocurrency exchange platform stated that if a unilateral ban on Russian accounts is imposed, innocent Russian investors will suffer the consequences during the trial period.
Global Cryptocurrency Exchange Platform in recent times blog post states that it is dedicated to complying with sanctions and is therefore developing a layered sanctions program worldwide. In particular, the company says it has blocked more than 25,000 Russian addresses that it believes are related to Russian individuals or businesses engaged in criminal activities.
The company went on to claim that it shared these addresses with the US government to “assist with sanctions enforcement.” The post once again reiterates that the exchange is “committed to complying with the sanctions.”
“During the introduction, Coinbase Paul Grewal, Chief Legal Officer, writes: check account applications against a list of sanctioned individuals or entities, including those maintained by the US, UK, Union Europe, United Nations, Singapore, Canada and Japan.
“In order to open a Coinbase account, individuals and organizations must provide identifying information, including their name and country of residence. We screen this information through an independent vendor before giving it out. allow an individual to transact,” he added.
The business also emphasizes that transactions are public, providing clear insights into transaction data, traceable and permanent, so when recorded on the blockchain, transactions are immutable. change, prevent bad guys from withholding information to avoid detection.
5/ With that said, we don’t think there is a high risk of Russian oligarchs using crypto to avoid sanctions. Because it is an open ledger, trying to sneak a lot of money through crypto is easier to track than using cash, art, gold, or other assets denominated in US dollars.
– Brian Armstrong – barmstrong.eth (@brian_armstrong) March 4, 2022
Coinbase CEO Brian Armstrong is of the same opinion. He tweeted Friday that, “We don’t think there is a high risk of Russian oligarchs using electronic money to avoid punishment. Because it is an open ledger, trying to surreptitiously get a lot of money through cryptocurrencies is easier to track than using cash, art, gold, or other assets denominated in US dollars. “
Cryptocurrency is an unregulated digital currency that is not a legal tender and is subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendations, forecasts or any other information contained in the article.
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