Crypto exchange Coinbase blocks 25,000 Russian-linked crypto addresses

Coinbase

An exchange platform for buying, selling, and holding cryptocurrencies. Has announced that it has blocked over 25,000 crypto addresses this week. Coinbase said it shared these addresses with the government to enforce sanctions. IN blog After Sunday, Coinbase said the accounts were linked to “Russian individuals or entities that we believe are engaged in illegal activities. Many of which we have identified through our proactive investigations,” an internal investigation revealed.

Lawmakers┬áRussia’s invasion of Ukraine could use cryptocurrency platforms to circumvent sanctions. This growing concern led to legislation currently being developed to complicate the use of cryptocurrencies. Further to evade sanctions. “Crypto is rearing its ugly head here,” Sen. Lindsey Graham said. told NBC News. “Because you authorize [Russian] central bank, which is good. I’m worried about how the Russians might use crypto to stay afloat.”

The ban only applies to individuals under sanctions

Although there have been attempts to ban several crypto exchange platforms in Russia completely. Various exchanges opposed it, saying a total ban on cryptocurrencies would prevent non-sanctioned Russians from accessing their digital funds. Companies such as Visa and Mastercard pull the support. The founder of the deVere Group, Nigel Green, said: International investments. “While cryptocurrency wallets are anonymous. Green says it’s easier to use cash or gold.

How effective will a complete ban on cryptocurrencies be? Changpeng Zhao. The founder of Binance, explains to the keeper that the cryptocurrency is “too small for Russia”. And that the adoption rate is not as high as you think. He then says that the traceable nature of crypto. Would not be the best way to hide your money since governments can view the blockchain. We see a growing list of gaming companies receiving support from Russia to show solidarity with Ukraine. Companies like CD Projekt have removed their games from Russian digital stores. And EA has removed Russian national teams from their FIFA and NHL games. Most major publishers have also stopped selling their matches in Russia.

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