Coinbase, one of the largest cryptocurrency exchange platforms in the world, has said it has blocked more than 25,000 addresses associated with Russian individuals or entities believed to be involved in illegal activities. Coinbase and some other major global crypto firms such as Binance and Kraken have abstained from blocking crypto accounts belonging to the citizens of Russia. The international crypto exchange platform claims that if a unilateral ban on Russian accounts is imposed, innocent Russian investors should suffer the consequences during testing times.
The global crypto exchange platform stated in a recent blog post that it is committed to sanctions compliance and as a result is developing a multi-tiered global sanctions program. The company, in particular, said it has blocked more than 25,000 Russian addresses that it believes are linked to Russian individuals or companies engaged in criminal activity.
The company further claimed that they shared these addresses with the US government to “support the enforcement of sanctions”.
“During onboarding, Coinbase checks account requests against lists of sanctioned individuals or entities, including those from the US, UK, European Union, United Nations, Singapore, Canada and Japan,” writes Paul Grewal, Chief Legal Officer.
“To open a Coinbase account, individuals and entities must provide identifying information, including their name and country of residence. We screen this information through an independent vendor before authorizing an individual to transact,” he adds. ready.
The company also emphasized that the transactions are public and provide clear insight into transaction data, traceable and permanent, so once they are recorded on the blockchain, transactions remain immutable, preventing attackers from withholding information to evade detection.
5/ That said, we don’t think there is a high risk of Russian oligarchs using crypto to avoid sanctions. Since it is an open ledger, trying to sneak a lot of money through crypto would be more traceable than using cash, art, gold or other US dollar-denominated assets.
— Brian Armstrong – barmstrong.eth (@brian_armstrong) March 4, 2022
Coinbase CEO Brian Armstrong shares a similar sentiment. He tweeted Friday: “We don’t think there is a high risk of Russian oligarchs using crypto to avoid sanctions. Being an open ledger, trying to sneak a lot of money through crypto would be more traceable than using cash in US dollars, art, gold or other assets.”
Cryptocurrency is an unregulated digital currency, not legal tender and subject to market risks. The information contained in the article is not intended as financial advice, trading advice or any other advice or recommendation of any kind offered or endorsed by DailyExpertNews. DailyExpertNews is not responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
Visit our MWC 2022 hub to learn more about the latest Nokia, Samsung, Lenovo and other product launches from Mobile World Congress in Barcelona.