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Coinbase complies with sanctions by blocking 25,000 ‘illicit’ Russian cryptocurrency wallet addresses

Coinbase, the world’s largest cryptocurrency exchange, stated on Monday that it had blacklisted over 25,000 bitcoin wallet addresses linked to Russian individuals or entities suspected of illegal activity.

In a blog post published Monday, Coinbase’s chief legal officer, Paul Grewal, described how the business is complying with new rules enacted in reaction to Russia’s ongoing invasion of Ukraine.

The NASDAQ-listed cryptocurrency exchange said it will not impose a blanket ban on all Russian wallet addresses, but rather follow international sanctions.

A crypto wallet address is a unique set of alphanumeric characters associated with a crypto wallet where one can store cryptocurrencies such as Bitcoin, NFTs, or another type of cryptocurrency.

The blacklisted addresses account for just 0.2 percent of Coinbase’s 11.5 million monthly transacting users, according to 2021 figures.

Coinbase’s chief legal officer, Paul Grewal, says.

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