Coinbase, one of the largest cryptocurrency trading platforms in the United States, has blocked more than 25,000 accounts linked to Russian individuals and entities. The move was made in compliance with international sanctions imposed against Russia over its invasion of Ukraine. According to Coinbase’s chief legal officer Paul Grewal, the blocking affected addresses that, according to the company’s internal investigations, were used for illegal activities. Information about these accounts was transferred to the US government to further increase sanctions pressure. Coinbase actively supports sanctions by checking new users for compliance with lists of sanctioned persons provided by the US, UK, EU and other countries. The platform also uses blockchain analysis to detect sanctions-related addresses, even if their owners try to hide their identities. The company claims that cryptocurrencies, thanks to the transparency of the blockchain, make it more difficult to evade sanctions compared to traditional financial instruments. At the same time, Coinbase refused to completely ban all Russian users, as demanded by Ukraine, arguing that many Russians use cryptocurrency as a "lifeline" amid the economic crisis.This position has sparked discussions about the balance between sanctions pressure and ordinary citizens' access to financial instruments.
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