Cryptocurrency exchange Coinbase has blocked over 25,000 addresses related to Russian individuals or entities. The exchange wrote in a blog announcement it believes that the addresses were engaged in "illicit activity," many of which have being identified through "proactive investigations."
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"Once we identified these addresses, we shared them with the government to further support sanctions enforcement," Coinbase added.
Coinbase emphasized that blockchain's transparency is a "formidable tool for law enforcement," adding that there is also a legitimate interest in protecting the privacy of individuals.
The move comes after Federal Reserve Chairman, Jerome Powell, said that the US authorities should pay more attention to cryptocurrency regulations. He noted that recent events in Ukraine emphasize a need to prevent sanctioned individuals and companies from using cryptocurrency to fight sanctions pressure.
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