Wow! US Crypto Exchange Coinbase Blocks 25,000 Russian Users

Crypto exchange Coinbase has blocked 25,000 Russian users suspected of engaging in illegal activities. (Between)

JAKARTA – One of the largest crypto exchanges in the United States (US), Coinbase has issued a decision regarding Russia's invasion of Ukraine. Coinbase ended up blocking 25,000 crypto addresses associated with Russian users. The number is suspected of being involved in illegal activities, as reported by CryptoPotato.

Coinbase announced the decision via its official blog on March 7, 2022 yesterday. The cryptocurrency exchange said there were “more than 25,000 addresses associated with Russian individuals or entities that we believe are engaging in illicit activity, many of which we have identified through our own protection investigations.”

The company also shared the address with the US government to “support sanctions enforcement.” The statement on the official blog indicates that crypto exchange Coinbase is “committed to complying with sanctions.”

This action follows after CEO Brian Armstrong expressed a commitment to comply with the sanctions imposed by the government on Russia. Armstrong also dismissed the notion that Russia is using cryptocurrencies to escape financial sanctions. He argues that Russia is unlikely to use cryptocurrencies to evade sanctions.

According to the Coinbase boss, “because it's an open ledger, trying to smuggle a lot of money through crypto will be easier to track than using US dollar cash, artwork, gold, or other assets.” On the other hand, he also added that Coinbase will not ban Russian citizens from using its platform.