Crypto exchange Coinbase blocks 25,000 Russian-linked crypto addresses
The addresses blocked were “believed to be engaging in illicit activity.”
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Coinbase, an exchange platform for buying, selling, and storingcryptocurrency, announced that it’s blocked over 25,000 crypto addresses this week. In ablogpost Sunday, Coinbase stated the accounts were 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,” an internal investigation revealed. Coinbase said it shared these addresses with the government for sanctions enforcement.
Lawmakers fear that people and entities hit by severe economic sanctions in response to Russia’s invasion of Ukraine could use cryptocurrency platforms to circumvent the sanctions. This growing concern led to legislationcurrently being draftedto make it even more challenging to use crypto to evade sanctions.“Cryptocurrency is rearing its ugly head here,” Sen. Lindsey Grahamtold NBC News. “As you sanction the [Russian] central bank, which is a good thing, I worry about how the cryptocurrency could be used by the Russians to stay afloat.”
The ban only applies to sanctioned individuals, though there has been a push to ban several crypto exchange platforms from operating in Russia entirely. Various exchanges have pushed back, saying that a full blanket ban on crypto will hurt non-sanctioned Russians from accessing their digital funds as companies likeVisa and Mastercardpull support.
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Nigel Green, founder of deVere Group said toInternational Investments, “While crypto wallets are anonymous, it must be remembered that transactions are on a decentralized ledger which is traceable, permanent, and public.” If you’re trying to hide illicit money from governments, Green says it’s easier to use cash or gold.How effective would a full ban on crypto be? Changpeng Zhao, the founder of Binance, explains toThe Guardianthat crypto is “too small for Russia” and that the adoption rate isn’t as high as you think. He then says the traceable nature of crypto wouldn’t be the best way to hide your money since governments can view the blockchain.We’ve seen a growing list of game companies pulling support from Russia to show solidarity for Ukraine. Companies such asCD Projekthave removed their games from Russian digital storefronts, while EA cut theRussian national teamsfrom its FIFA and NHL games. Most major publishers have alsostopped selling their gamesin Russia.
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Jorge is a hardware writer from the enchanted lands of New Jersey. When he’s not filling the office with the smell of Pop-Tarts, he’s reviewing all sorts of gaming hardware, from laptops with the latest mobile GPUs to gaming chairs with built-in back massagers. He’s been covering games and tech for over ten years and has written for Dualshockers, WCCFtech, Tom’s Guide, and a bunch of other places on the world wide web.
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