Coinbase blocks 25K crypto wallets related to Russians involved in illicit activity

Coinbase Global (COIN -2.6%) is blocking ~25K addresses related to Russian individuals or entities the company believes to be engaging in illicit activities, Coinbase Chief Legal Officer Paul Grewal said in a blog post on Sunday. "Sanctions play a vital role in promoting national security and deterring unlawful aggression, and Coinbase (NASDAQ:COIN) fully supports these efforts by government authorities," Grewal said. "Sanctions are serious interventions, and governments are best placed to decide when, where, and how to apply them." The cryptocurrency exchange blocks sanctioned actors as part of the onboarding process and also screens existing Coinbase (COIN) accounts when sanction lists are updated. The company also maintains a blockchain analytic program to identify high-risk behavior, study emerging threats, and develop new migrations, Grewal added. "For example, we have methods for identifying accounts held by sanctioned individuals outside of Coinbase (COIN), even if we don’t have direct access to their personal information,"