{"id":2428,"date":"2022-03-07T23:47:17","date_gmt":"2022-03-07T23:47:17","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=2428"},"modified":"2022-03-07T23:47:18","modified_gmt":"2022-03-07T23:47:18","slug":"coinbase-blacklists-over-25000-crypto-addresses-tied-to-russian-individuals-and-entities","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=2428","title":{"rendered":"Coinbase Blacklists Over 25,000 Crypto Addresses Tied to Russian Individuals and Entities"},"content":{"rendered":"<p> <script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<\/p>\n<p><strong>The cryptocurrency exchange Coinbase has addressed the company\u2019s procedures toward complying with sanctions in a blog post published on Sunday. The crypto firm says that respecting sanctions plays a \u201cvital role in promoting national security\u201d and the acts can help deter \u201cunlawful aggression.\u201d<\/strong><\/p>\n<h2>Coinbase Intends to Comply With International Sanctions, Chief Legal Officer Says \u2018Digital Assets Have Properties That Naturally Deter Sanctions Evasion\u2019<\/h2>\n<p>Following the statements of the two chief executives from two of the largest crypto exchanges on the planet, Coinbase has published a blog post concerning the company\u2019s goals toward promoting sanction compliance. The post was written by Coinbase\u2019s chief legal officer Paul Grewal and it touched upon the current conflict in Ukraine. Essentially, the gist of the article highlights that \u201cCoinbase is committed to complying with sanctions.\u201d<\/p>\n<p>\u201cIn the past few weeks, governments around the world have imposed a range of sanctions on individuals and territories in response to Russia\u2019s invasion of Ukraine,\u201d Grewal\u2019s post details. \u201cSanctions play a vital role in promoting national security and deterring unlawful aggression, and Coinbase fully supports these efforts by government authorities. Sanctions are serious interventions, and governments are best placed to decide when, where, and how to apply them.\u201d<\/p>\n<p>The Coinbase executive\u2019s post further explains that crypto assets have specific \u201cproperties that naturally deter common approaches to sanctions evasion.\u201d This is due to the fact that most blockchains are public, auditable, and traceable. As far as traceability is concerned, Grewal says when applied to public blockchain data, \u201canalytics tools offer law enforcement additional capabilities.\u201d Moreover, blockchains have permanence, Grewal\u2019s blog post summarizes, as the chief legal officer states:<\/p>\n<p>Once recorded on the blockchain, transactions remain immutable. No one (not crypto companies, not governments, not even bad actors) can destroy, alter, or withhold information to evade detection.<\/p>\n<h2>Coinbase Has Blocked More Than 25,000 Addresses Tethered to Russian Individuals and Entities<\/h2>\n<p>The Coinbase blog post is very much aligned with the large number of corporate entities complying with sanctions and cutting ties with Russia. Over the last 13 days, companies such as Netflix, Apple, Google, Tiktok, BP, Exxon, Equinor, Shell, Boeing, Airbus, Ford, Renault, Mercedes-Benz, Toyota, Visa, Mastercard, American Express, Dell, Meta, Ikea, and Nike have complied with international sanctions or cut ties with the Russian Federation.<\/p>\n<p>Grewal notes in the company blog post that sanctioned individuals or entities are checked for during the onboarding process at Coinbase. The crypto company leverages sanction lists \u201cmaintained by the United States, United Kingdom, European Union, United Nations, Singapore, Canada, and Japan.\u201d Additionally, Coinbase has sophisticated technology that can anticipate threats, Grewal disclosed.<\/p>\n<p>\u201cCoinbase maintains a sophisticated blockchain analytics program to identify high-risk behavior, study emerging threats, and develop new mitigations,\u201d the firm\u2019s chief legal officer said. Presently, the exchange blocks thousands of blockchain addresses related to individuals or entities stemming from Russia. Grewal\u2019s post explains:<\/p>\n<p>Today, Coinbase blocks over 25,000 addresses related to Russian individuals or entities we believe to be engaging in illicit activity, many of which we have identified through our own proactive investigations. Once we identified these addresses, we shared them with the government to further support sanctions enforcement.<\/p>\n<p>The Coinbase executive ends the post by saying the firm aims to help people protect and build wealth, but at the same time \u201csecurity, safety, and transparency\u201d are important foundations. \u201cOur commitment to sanctions compliance\u201d is part of the process, the Coinbase blog post concludes.<\/p>\n<p>Tags in this story<\/p>\n<p>25000 addresses, addresses, Airbus, Apple, Bitcoin, Boeing, BP, BTC, chief legal officer, Coinbase, Coinbase blog post, Coinbase Compliance, Coinbase sanctions, Crypto, crypto assets, Digital Assets, Equinor, Exxon, Ford, Google, Netflix, Paul Grewal, Renault, Russia, russia sanctions, Russian Federation, Sanction Compliance, Sanctions, Shell, tiktok, Ukraine<\/p>\n<p><em><strong>What do you think about the Coinbase blog post regarding the company\u2019s commitment to sanction compliance and how it has blocked 25,000 addresses stemming from illicit Russian activity? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n<p>Jamie Redman <\/p>\n<p class=\"article__body__author__info__about\">\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.<\/p>\n<p><i class=\"td-icon-font td-icon-twitter\"\/><\/p>\n<p class=\"images_credits\"><em>Image Credits: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n<p><strong>Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<p>More Popular NewsIn Case You Missed It<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/news.bitcoin.com\/coinbase-blacklists-over-25000-crypto-addresses-tied-to-russian-individuals-and-entities\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency exchange Coinbase has addressed the company\u2019s procedures toward complying with sanctions in a blog post published on Sunday. The crypto firm says that respecting sanctions plays a \u201cvital role in promoting national security\u201d and the acts can help deter \u201cunlawful aggression.\u201d Coinbase Intends to Comply With International Sanctions, Chief Legal Officer Says \u2018Digital [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2429,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[1],"tags":[],"class_list":["post-2428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-updates"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2428","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2428"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2428\/revisions"}],"predecessor-version":[{"id":2430,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/2428\/revisions\/2430"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/2429"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2428"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2428"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2428"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}