Coinbase, a very well-known crypto exchange platform, has recently said in a statement that access to over 25,000 blockchain addresses linked to Russian individuals and entities have been blocked. All of the block addresses were also given to the US authorities.
During onboarding, Coinbase checks account applications against lists of sanctioned individuals or entities, including those maintained by the United States, United Kingdom, European Union, United Nations, Singapore, Canada, and Japan. To open a Coinbase account, individuals and entities must provide identifying information, including their name and country of residence. We screen this information via an independent vendor before permitting an individual to transact. If a customer lives in a sanctioned country or region, or if they are identified as a sanctioned individual or entity, they cannot open an account on our platform.
The embargo applies to penalty lists kept by governments around the world, including the US, the UK, the European Union, the United Nations, Singapore, Canada, and Japan.
Coinbase’s Chief Legal Officer, Paul Grewal, also stated that attempts to circumvent the restriction are continually monitored and sanctioned actors are prevented to perform registering of new accounts on the platform.
Grewal also declared, according to the BleepingComputer publication,