Coinbase Freezes 25,000 Accounts of Russia-related Users

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Coinbase has announced it has frozen more than 25,000 addresses associated with Russian individuals and legal entities.

According to the statement made by the trading platform, the accounts were “engaged in illegal activities.” The information about them has been transferred to the government for sanctions law enforcement. The company said:

“Sanctions play a vital role in promoting national security and deterring illegal aggression. Coinbase fully supports these efforts by the authorities.”

Coinbase has reported that it does not expect widespread use of cryptos by entities from Russia to avoid sanctions.

Thanks to the transparency of blockchains, it is impossible to hide large transactions. In addition, only the gold and foreign exchange reserves of the Russian Federation in the amount of $630 billion are 5-10 times higher than the total daily turnover of the crypto market.