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Cryptocurrency website shut down
The addresses were blocked over fears crypto-currency could be used to evade sanctions. Coinbase's chief legal officer, Paul Grewal, made the announcement on a company blog. He outlined how the crypto exchange was complying with new rules imposed because of the Russia's invasion of Ukraine.
It means no access for sanctioned individuals and includes "sophisticated blockchain analytics" to identify accounts indirectly linked to banned users. The US government had asked crypto platforms to help ensure Russian oligarchs could not use virtual currencies to avoid sanctions. But many are resisting pressure from both Ukraine's government and US and European politicians to go further and ban all Russian users , amid concern normal Russians might be using crypto-currency as a lifeline after the value of the ruble sank to a record low.
Shutting down Coinbase's operations in Russia would just hurt ordinary citizens, chief executive Brian Armstrong said. Many of them likely oppose what their country is doing, and a ban would hurt them, too. That said, if the US government decides to impose a ban, we will of course follow those laws. Russia is becoming increasingly isolated from the larger non-crypto financial systems. Visa, Mastercard and American Express have suspended all operations in Russia.
All three said cards issued abroad would no longer work at shops or cash machines in Russia. Sign up to our tech newsletter to get the latest news and trends in the global technology industry. Subscribe to our newsletter to get all the news you need to start your day.
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