Surely you have found in our articles or in various articles on the Internet that the Biden administration wants to prevent Russia from circumventing sanctions through alternative forms of payment, such as cryptocurrencies. Coinbase has recently responded to this call by claiming on their official blog that they have currently closed more than 25,000 Russian accounts suspected of engaging in illegal activity or directly related to sanctions.
,,Today, Coinbase has blocked over 25,000 addresses associated with Russian persons or businesses that we suspect are involved in illicit activity.”
Coinbase thus joins the side of the largest crypto exchange, Binance, which decided to block several Russian wallets a few days ago. However, in view of the huge number of suspended Russian accounts, the largest US crypto exchange, Coinbase has opted for far stricter restrictions, in response to the Biden administration’s request that Russia not circumvent the sanctions imposed on the country in connection with the invasion of Ukraine. This happens besides the fact that since the beginning of the war we have witnessed a sudden sharp increase in the use of cryptocurrencies in Ukraine and Russia.