11.2 C
Sunday, June 4, 2023

Coinbase Blacklists Crypto Addresses Tied to Russian Entities

Coinbase Blacklists Crypto Addresses Tied to Russian Entities – In a blog post published on Sunday, the cryptocurrency exchange Coinbase discussed the company’s methods for complying with sanctions. Respecting sanctions, according to the crypto firm, plays a “vital role in boosting national security” and can help dissuade “unlawful action.”

- Advertisement -

Coinbase has written a blog post about the company’s goals for boosting sanction compliance, following the statements of the two chief executives of two of the world’s top crypto exchanges.

Paul Grewal, Coinbase’s chief legal officer, wrote the post, which discussed the current turmoil in Ukraine. In essence, the article emphasizes that “Coinbase is committed to compliance with penalties.”

Also Read: Visa and Mastercard Suspend Operations in Russia as Part of Sanctions Over Ukraine

“In response to Russia’s invasion of Ukraine, countries all over the world have placed a variety of sanctions on individuals and regions,” Grewal wrote.

“Sanctions are an important tool for enhancing national security and preventing illegal aggression, and Coinbase fully supports government efforts in this regard.” Sanctions are severe actions, and it is up to governments to decide where, when, and how to use them.”

- Advertisement -

Crypto assets have particular “features that naturally inhibit popular techniques to sanctions evasion,” according to the Coinbase executive’s post. Because most blockchains are public, auditable, and traceable, this is the case.

When it comes to traceability, Grewal adds that “analytics technologies provide law enforcement extra powers” when applied to public blockchain data.

Furthermore, as Grewal’s blog post explains, blockchains are permanent, as the chief legal officer states:

“Transactions are immutable once they are recorded on the blockchain. To avoid discovery, no one (not crypto businesses, governments, or even bad actors) can destroy, change, or withhold information.”

Coinbase Blacklists Crypto Addresses Tied to Russian Entities – The Coinbase blog post is very much in line with the enormous number of corporate firms that have complied with sanctions and severed relations with Russia. Apple, Netflix, Google, BP, Tiktok, ExxonMobil, Shell, Airbus, Boeing, Renault, Ford, Toyota, Mercedes-Benz, Visa, Mastercard, Dell, American Express, Ikea, Meta, and Nike have all complied with international sanctions or severed connections with the Russian Federation in the last 13 days.

In a company blog post, Grewal states that sanctioned individuals or businesses are vetted during the Coinbase onboarding process.

Sanction lists “kept by the United States, United Kingdom, United Nations,  European Union, Singapore, Japan, and Canada” are used by the crypto business. Grewal also said that Coinbase has advanced technology that can anticipate threats.

Also Read: Singapore to Impose Restrictions on Russian Financial and Crypto Transactions

The firm’s chief legal officer stated, “Coinbase maintains a comprehensive blockchain analytics platform to identify high-risk activity, investigate emerging vulnerabilities, and build new mitigations.” Thousands of blockchain addresses linked to Russian people or businesses are currently blocked by the exchange.

The Coinbase CEO concludes the post by stating that the company seeks to help consumers safeguard and develop wealth while also emphasizing the need of “safety, security, and openness.” The procedure includes “our commitment to sanctions compliance.”

- Advertisement -


Please enter your comment!
Please enter your name here

More From Evoclique