Coinbase, one of the largest US-based crypto exchanges, has blocked over 25,000 crypto wallets belonging to Russian individuals and entities.
This article was contributed by Sadie Williamson, founder of Williamson Fintech Consulting. The war between Russia and Ukraine has put cryptocurrencies squarely in the public spotlight yet again. Russia’s invasion of Ukraine has led to the former facing multiple sanctions from much of the western world. As the Russian Ruble continues to descend at an astonishing rate, Russian civilians and organizations are turning towards cryptocurrency as a haven in this time of crisis. Since the invasion began, the Ruble (RUB) has lost more than half of its market value. On top of it, Russia has been hit with multiple economic sanctions, including its removal from the global payment system SWIFT. Prominent Russian citizens and organizations have found themselves on the US Sanctions List, effectively prohibiting American companies from engaging in any form of business activity with them. To that extent, Coinbase, one of the largest U.S.-based crypto exchanges, has now blocked over 25,000 crypto wallets belonging to Russian individuals and entities. Per Coinbase’s official announcement dated March 7th, 2022, the platform implemented a multi-layered, global sanctions program to support government authorities in deterring unlawful aggression and promoting national security.
