Coinbase Bans 25,000 Russian-Owned Crypto Wallets

Major cryptocurrency exchange Coinbase (NASDAQ: COIN) has blocked tens of thousands of Russian wallet addresses believed to be linked to illegal activity.

According to a blogpost on Coinbase’s website, the platform banned more than 25,000 Russian-owned crypto wallets alleged to be using digital tokens unlawfully. “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,” said CEO Paul Grewal. “We shared them with the government to further support sanctions enforcement.” 

Coinbase joined Binance and other major crypto platforms in heeding recently imposed directions from the US government to prevent certain Russian users attempting to skirt sanctions from reverting to virtual currencies. However, Coinbase said it will not restrict all Russian citizens from accessing its platform, because some have no choice but to use cryptocurrencies since their traditional currency has essentially collapsed.

Information for this briefing was found via Coinbase. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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