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Coinbase Ads Sanctions, Blocks 25,000 Illicit Russian Crypto Wallet Addresses

Coinbase confirmed yesterday that it has blocked over 25,000 crypto wallet addresses that were associated with Russian businesses or individuals suspected of taking part in criminal behavior.

Paul Grewal, the chief legal officer of the exchange, declared that Binance is complying with the sanctions imposed upon Russia after it decided to invade Ukraine.

The company also revealed that it won’t impose a blanket ban on all Russian wallet addresses.

Data from 2021 shows that blacklisted addresses represent about 0.2% of Coinbase’s 11.5 million monthly transacting users.

Grewal stated:

“Today, Coinbase has blocked over 25,000 addresses associated with Russian persons or businesses that we suspect are involved in illicit activity.”

Since Russia is increasing its attack on Ukraine, the Biden administration has asked crypto exchanges to make sure that Russian businesses and individuals won’t manage to evade sanctions by using crypto.

Both Russians and Ukrainians have turned to crypto during these trying times, which makes many worried that the sanctions won’t have the needed effect.

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