{"id":1068,"date":"2022-03-08T14:53:25","date_gmt":"2022-03-08T14:53:25","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/03\/08\/coinbase-says-its-blocking-25000-russia-linked-crypto-addresses\/"},"modified":"2022-03-08T14:53:26","modified_gmt":"2022-03-08T14:53:26","slug":"coinbase-says-its-blocking-25000-russia-linked-crypto-addresses","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/03\/08\/coinbase-says-its-blocking-25000-russia-linked-crypto-addresses\/","title":{"rendered":"Coinbase says it\u2019s blocking 25,000 Russia-linked crypto addresses"},"content":{"rendered":"<p>Source: <a href=\"https:\/\/www.theverge.com\/2022\/3\/7\/22965605\/coinbase-russian-sanctions-address-blocking\">https:\/\/www.theverge.com\/2022\/3\/7\/22965605\/coinbase-russian-sanctions-address-blocking<\/a><br \/>\n<code><br \/><\/br><\/code><\/p>\n<div readability=\"73.366642958748\">\n<p id=\"MQ8zbN\">Coinbase says it\u2019s currently blocking 25,000 cryptocurrency addresses linked to Russian people or entities, defending itself against claims that Russia could <a href=\"https:\/\/www.nytimes.com\/2022\/02\/23\/business\/russia-sanctions-cryptocurrency.html\">evade sanctions with crypto<\/a>. In <a href=\"https:\/\/blog.coinbase.com\/using-crypto-tech-to-promote-sanctions-compliance-8a17b1dabd68\">a blog post published yesterday<\/a>, chief legal officer Paul Grewal outlined how the financial exchange is complying with new rules imposed amid the ongoing invasion of Ukraine. That includes using \u201csophisticated blockchain analytics\u201d to identify accounts that are indirectly linked to banned users.<\/p>\n<p id=\"of9WnL\">Coinbase indicated that the 25,000 blocked accounts were \u201crelated to Russian individuals or entities we believe to be engaging in illicit activity.\u201d It didn\u2019t specify when precisely they\u2019d been blocked or how many of the restrictions were related to the current sanctions \u2014 in one example, for instance, Coinbase cited a 2020 sanction against a specific Russian national with 1,200 potentially linked accounts.<\/p>\n<div class=\"c-float-right\">\n<aside id=\"at8hau\"><q>\u201cCoinbase fully supports these efforts by government authorities\u201d<\/q><\/aside>\n<\/div>\n<p id=\"EHH3dI\">\u201cSanctions play a vital role in promoting national security and deterring unlawful aggression, and Coinbase fully supports these efforts by government authorities,\u201d said Grewal. While crypto wallets can be anonymous and don\u2019t require dealing with traditional banks, he points out that transactions are \u201ctraceable, permanent, and public\u201d \u2014 which can potentially make it easier to crack down on illicit accounts, preventing them from buying or selling cryptocurrency through a service like Coinbase. \u201cDigital assets have properties that naturally deter common approaches to sanctions evasion.\u201d<\/p>\n<p id=\"o4GwSK\">US lawmakers have questioned whether cryptocurrency companies are following sanctions against Russia. Four senators, including Elizabeth Warren (D-MA), <a href=\"https:\/\/www.nytimes.com\/2022\/03\/02\/business\/treasury-cryptocurrencies-russia-sanctions.html\">sent a letter last week<\/a> urging Treasury Secretary Janet Yellen to outline plans for enforcing compliance.<\/p>\n<p id=\"9Pg7p9\">Crypto companies have hastened to <a href=\"https:\/\/www.washingtonpost.com\/business\/2022\/03\/03\/crypto-sanctions-russia\/\">disagree with the analysis<\/a>, downplaying the digital currency\u2019s value for large-scale illicit transactions. <a href=\"https:\/\/www.theguardian.com\/technology\/2022\/mar\/04\/binance-founder-says-cryptocurrencies-wont-help-russia-evade-sanctions\">Binance founder Changpeng Zhao called crypto<\/a> \u201ctoo small for Russia,\u201d citing its extremely low adoption levels. \u201cThe Russian government and other sanctioned actors would need virtually unobtainable amounts of digital assets to meaningfully counteract current sanctions,\u201d wrote Grewal. (The sanctions so far don\u2019t require blocking <a href=\"https:\/\/www.reuters.com\/markets\/europe\/crypto-exchanges-wont-bar-russians-raising-fears-sanctions-backdoor-2022-03-02\/\">ordinary Russian citizens<\/a>, despite calls from Ukraine to extend them.) Conversely, they\u2019ve pointed to Ukraine\u2019s extensive <a href=\"https:\/\/www.theverge.com\/2022\/2\/26\/22952357\/ukraine-bitcoin-ethereum-donation-vitalik-buterin\">crypto fundraising operations<\/a>, which had raised <a href=\"https:\/\/www.cnbc.com\/2022\/03\/03\/ukraine-raises-54-million-as-bitcoin-donations-surge-amid-russian-war.html#:~:text=One%20CryptoPunk%20NFT%20worth%20over,for%20Wikileaks%20founder%20Julian%20Assange.\">approximately $54 million<\/a> as of late last week.<\/p>\n<p id=\"xyCvkw\">Russia is increasingly isolated from the larger non-crypto financial system. Among other things, Visa and Mastercard <a href=\"https:\/\/www.theverge.com\/2022\/3\/5\/22963433\/visa-mastercard-suspend-services-russia-ukraine\">suspended operations in the country<\/a> over the weekend, leaving cardholders inside Russia dependent on Russia\u2019s National Payment Card System.<\/p>\n<\/div>\n<p><code><br \/><\/br><\/code><\/p>\n<p>Source: <a href=\"https:\/\/www.theverge.com\/2022\/3\/7\/22965605\/coinbase-russian-sanctions-address-blocking\">https:\/\/www.theverge.com\/2022\/3\/7\/22965605\/coinbase-russian-sanctions-address-blocking<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Source: Coinbase says it\u2019s currently blocking 25,000 cryptocurrency addresses linked to Russian people or entities, defending itself against claims that Russia could evade sanctions with crypto. In a blog post published yesterday, chief legal officer Paul Grewal outlined how the financial exchange is complying with new rules imposed amid the ongoing invasion of Ukraine. That [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1069,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,8],"tags":[18],"class_list":["post-1068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology","tag-tech"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Coinbase says it\u2019s blocking 25,000 Russia-linked crypto addresses - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2022\/03\/08\/coinbase-says-its-blocking-25000-russia-linked-crypto-addresses\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Coinbase says it\u2019s blocking 25,000 Russia-linked crypto addresses - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source: Coinbase says it\u2019s currently blocking 25,000 cryptocurrency addresses linked to Russian people or entities, defending itself against claims that Russia could evade sanctions with crypto. 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