Following the imposition of recent monetary restrictions on Russia, much has been said about the country's population and their use of cryptocurrencies.
Coinbase stated in a blog post on March 7 that it is committed to following sanctions and is establishing a multi-layered, global sanctions policy as a consequence. The corporation, in particular, claimed that it has blacklisted over 25,000 Russian addresses that it believes are related to illicit activity by Russian persons or businesses.
"Today, Coinbase has blocked over 25,000 addresses associated with Russian persons or businesses that we suspect are involved in illegal conduct, many of which we discovered via our own proactive investigations." We were able to locate these locations after that, We provided them with the government in order to aid in the implementation of sanctions."
The company also stressed that the transactions are public, allowing unique visibility into transaction data, traceable, and permanent, meaning that transactions are immutable once recorded on the blockchain, prohibiting bad actors from withholding information to avoid discovery. The Russian central bank alone holds about $630 billion in essentially immobile reserve assets, according to Coinbase.
"That's 5–10x the entire daily traded volume of all digital assets, and higher than the total market value of all but one digital asset," the businesses stated.
As a result, utilizing open and transparent crypto transactions to conceal large-scale transactions would be substantially more difficult than using other existing strategies.
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