Coinbase has blocked 25,000 Russian-linked crypto addresses believed to be linked to illegal activity, chief legal officer Paul Grewal said in a post.blog at the end of sunday
The figure was fueled by sanctions and compliance efforts against Russian offenders. In other words, It was not the specific reason for the war in Ukraine, which Coinbase said did not find any increase in illegal activity after Russia’s invasion of Ukraine.
Coinbase is under pressure to closely monitor Russian-linked crypto activity in the days after the Russian attack on Ukraine. This is largely due to the risk claims that crypto could be a tool to circumvent sanctions, which Coinbase and other industry participants say are exorbitant.
“Digital assets have properties that deter common guidelines for circumventing sanctions,” Grewal later wrote in a blog post. “It can actually increase our ability to detect and prevent evasion. compared to the traditional financial system.”
Coinbase blocks 25,000 addresses as evidence “proactive” for its work to eradicate bad actors. It said it could anticipate threats. Block penalized individuals from engaging with the company. and detect evasion attempts
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