Coinbase announces blocking of 25,000 Russian wallets
The cryptocurrency exchange indicated that the blocking of these Russian wallets is made to people or companies allegedly related to illicit activities.
The Coinbase platform announced the blocking of some 25,000 cryptocurrency wallets related to Russian individuals and entities that would be involved in illicit activities.
As indicated by the cryptocurrency exchange, the objective of this measure is to be able to develop “a safe and responsible financial system” and, in the same way, create a safe and reliable space for purchases.
The company’s legal director, Paul Grewal, assured on his official blog that this measure also accompanies those imposed by countries in relation to Russia’s invasion of Ukraine. This is why they implement a global sanctions program at various levels, among these are the blocking of sanctioned actors, detection of evasion attempts and anticipation of threats.
Coinbase details that during the registration process of a new account, they verify if the client lives in a sanctioned country or region, or if they identify themselves as a sanctioned person or entity, denying their registration. Same case if an IP with sanctioned geography is used.
They also point out that they update their global sanctions lists that they use to detect accounts, where if at some point someone opened a profile on Coinbase, and then is sanctioned, they will be able to identify it and cancel it.
K. Tovar
Source: Bloomberglinea
