Coinbase has blocked thousands of Russian-linked cryptocurrency addresses on its platforms, the crypto exchange platform announced.
Coinbase Blocks Thousands of Cryptocurrency Addresses
As per a news story by The Verge, Coinbase revealed that it has blocked tons of crypto addresses, which are either linked to entities or people in Russia.
To be more precise, Coinbase announced that it has already blocked over Russian-linked 25,000 accounts on the exchange platform, which the firm suggests might be involved in some illegal activities.
However, the exchange firm noted that the figures of the block accounts have been tallied even before the recent Russian conflict.
The announcement comes after there have been reports saying that the Russian nation could avoid current United States sanctions using the technology of crypto.
The chief legal officer of Coinbase, Paul Grewal, himself said that the crypto exchange platform has been following the new measures imposed amidst the ongoing conflict between Russia and Ukraine.
The Coinbase chief legal officer disclosed that the exchange platform is now using a technology that it dubs as "sophisticated blockchain analytics" to hunt down users that are linked to blocked addresses.
The Coinbase exec also said that the crypto platform commits to both a responsible and safe financial system, all the while maintaining economic freedom across the globe.
The crypto exchange firm further acknowledged that the sanctions against Russia "play a vital role in promoting national security and deterring unlawful aggression," noting that the tech giant supports the moves of the government authorities.
Coinbase Blocks Sanctioned Users
That said, Coinbase has been blocking access to sanctioned folks or entities, by the European Union, the United Kingdom, the United Nations, or even the United States, according to a recent report by Bleeping Computer.
It also includes lists from other countries, including Japan, Canada, and Singapore.
The platform explained that it requires its users to provide their identification before successfully opening an account, which includes basic information, such as their current residential address, as well as their names.
Before approving a new account, Coinbase said that an independent third-party firm screens the person behind the application. Then, if ever the user is a sanctioned individual or entity, their application will be declined, blocking their access to transact crypto in the platform.
On top of that, Coinbase is also using geofencing technology to prevent folks from sanctions territories, such as North Korea and Iran, from even visiting its website.
The crypto platform also boasted its blockchain analytics program, wherein it produces preventive measures based on the emerging threats elsewhere.
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Written by Teejay Boris
