Coinbase Blocks 25,000 Russian-Linked Crypto Accounts

On the 12th day of Russia’s military intervention in the territory of Ukraine, followed by operations across the country, news of sanctions continues to come from all over the world. After the sanction practices involving many companies from clothing brands to technology giants eyes turned to crypto platforms; However, Coinbase and Binance have stated that they will not impose any restrictions on Russian users.

In fact, the reason why the eyes turn to crypto exchanges is rather than the mere expectation of sanctions; Preventing Russians from escaping the sanctions by means of cryptocurrencies It was a precautionary expectation. However, Binance and Coinbase said that blocking all Russian users is not the right approach; They had declared that they did not want innocent people to be badly affected. Tonight, there was a development that will leave these statements behind.

Coinbase has blocked 25,000 Russia-linked accounts

Coinbase announced in a statement that 25 thousand Russia-linked accounts were blocked. In the statement made about the blocked accounts, Coinbase “related to Russian individuals or organizations that we believe are engaged in illegal activities” used the phrases. It was stated that these accounts could be used to evade sanctions.

Paul Grewal, Coinbase chief legal officer, made the announcement. “Sanctions play a vital role in enhancing national security and deterring illegal aggression, and Coinbase fully supports these efforts by government officials.” he said.