आईसीटी समाचार
Coinbase has said that it is presently banning 25,000 bitcoin addresses related to Russian persons or businesses, in response to fears that Russia might use cryptocurrencies to avoid sanctions. Chief legal officer Paul Grewal described how the financial exchange is complying with new guidelines set during the continuing invasion of Ukraine in a blog post published yesterday. This involves identifying accounts that are indirectly related to banned users using "advanced blockchain analytics."
The 25,000 accounts were "connected to Russian persons or companies we think are participating in criminal activities," according to Coinbase. It didn't say when they were prohibited or how many of the limitations were tied to the present sanctions. "Sanctions are critical in strengthening national security and preventing unlawful action, and Coinbase fully supports government officials' efforts," Grewal added.
While crypto wallets can be anonymous and don't involve interacting with traditional banks, he points out that transactions are "traceable, permanent, and public," which might make it simpler to track down criminal accounts and block them from using Coinbase to purchase or sell bitcoin. "The features of digital assets inherently prevent popular attempts to penalty evasion."
Cryptocurrency businesses have been questioned by US senators about whether they are complying with Russian sanctions. Last week, four senators, including Elizabeth Warren (D-MA), wrote to Treasury Secretary Janet Yellen, requesting her to clarify strategies for ensuring compliance. Crypto businesses have quickly reacted to the report, dismissing the digital currency's utility in large-scale illegal operations.
Cryptocurrency, according to Binance founder Changpeng Zhao, is "too small for Russia," citing its extremely low adoption levels. "To significantly offset present sanctions, the Russian government and other sanctioned entities would need nearly unobtainable sums of digital assets," Grewal stated. On the other hand, they've cited Ukraine's significant crypto fundraising efforts, which as of late last week had garnered $54 million.
