Block crypto wallets to Russia users


On Tuesday, January 5, 2021, a laptop computer set up in Hastings-on-Hudson, New York, U.S., displayed the Coinbase website. In a proposed class-action lawsuit over the fees the cryptocurrency exchange received, a customer claims that Coinbase Inc. knew that the cryptocurrency XRP was a security rather than a commodity but nonetheless “illegally” traded Ripple Labs Inc.’s tokens.

The (Bloomberg) The cryptocurrency exchange Coinbase Global Inc. reported blocking more than 25,000 wallet addresses linked to Russian people or organizations it thinks are involved in illegal activity.

Paul Grewal, the chief legal officer of Coinbase, stated in a company blog that the largest cryptocurrency exchange in the United States has prohibited access for sanctioned people and is using blockchain analytics to find addresses that may be connected to them, which it also adds to an internal blocklist.

“Today, Coinbase blocks over 25,000 addresses related to Russian individuals or entities we believe to be engaging in illicit activity, many of which we have identified through our own proactive investigations,” he wrote. “We shared them with the government to further support sanctions enforcement.” 

The Biden administration requested cryptocurrency exchanges to help guarantee that Russian people and organizations weren’t using virtual currencies to evade Washington’s sanctions as Russia started its invasion of Ukraine, according to Bloomberg News, which cited people with knowledge of the situation.

Significant cryptocurrency exchanges like Coinbase and Binance have stated that they will abide by government directives to block sanctioned persons but won’t prohibit all Russian users. The chief executive of Coinbase, Brian Armstrong, previously stated that some common Russians are utilizing cryptocurrency as a “lifeline now that their currency has collapsed.”

Blocks crypto wallets