Cryptocurrency exchange Coinbase blocks 25,000 wallets related to Russia
Russia's invasion of Ukraine has led to various sanctions imposed on individuals, groups and regions by governments around the world, and
Using Crypto Tech to Promote Sanctions Compliance | by Coinbase | Mar, 2022 | The Coinbase Blog
https://blog.coinbase.com/using-crypto-tech-to-promote-sanctions-compliance-8a17b1dabd68
Following Russia's invasion of Ukraine, crypto exchanges have been asked to freeze Russian user accounts and wallets, but each exchange refused as 'no legal basis' I'm showing an attitude to do. Coinbase also said, 'We will comply with existing sanctions,' and commented, 'We cannot uniformly ban access to Russian users.'
Coinbase is willing to support sanctions as they play an important role in promoting national security and preventing illegal invasion, and has been sanctioned by the United States, the United Kingdom, the United Nations, Singapore, Canada and Japan. After referring to the information of individuals and groups, IP address owners in the sanctioned areas (Crimea, North Korea, Syria, Iran) cannot open accounts or use services.
In addition, if sanctioned individuals are trying to use it, we will go through a screening process to identify the account and take measures such as freezing it.
In addition, it maintains a blockchain analysis program to identify high-risk behaviors, study new threats, and develop further mitigations. This time, it is said that the identification of 25,000 wallet addresses that are thought to be engaged in fraudulent activities in Russia is also due to its own active investigation. After identifying the address, the information is shared with the government to further support the enforcement of sanctions.
In addition, Coinbase states that money laundering using virtual currency is easier to understand than the conventional financial system due to the characteristics that blockchain is 'traceable' and 'permanently disclosed'. Some have pointed out that Russia, which is sanctioned by the governments of each country , may use virtual currencies to avoid economic sanctions, but the amount of more than 630 billion dollars (about 73 trillion yen) held by the Central Bank of Russia as a reserve asset is In terms of virtual currency, it is equivalent to 5 to 10 times the total daily trading volume of all currencies, and it is impossible to trade without being noticed by anyone and without affecting the market price. I also mentioned.
In fact, analysis of transaction data shows that the volume of cryptocurrencies traded in Russia has rather declined after the invasion of Ukraine, and it seems that economic sanctions using cryptocurrencies have not been avoided. I am.
Russian Cryptocurrency Buying is Stalling After Ukraine War --Bloomberg
https://www.bloomberg.com/news/articles/2022-03-03/russia-s-crypto-volumes-are-stalling-across-the-major-exchanges
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