Coinbase blocks 25,000 Russian addresses

[Freemind]

It seems that the Russian people will really get a bad impact from the effects of their country's invasion of Ukraine, sanctions after sanctions continue to come to the country. 
Yesterday I saw many Russian citizens who could not withdraw their money in other countries because many banks blocked Russian citizens, and now the Crypto world has started to sanction them. 
If this continues, the situation for Russian citizens will only get worse.

Not the entire crypto industry is blocking Russian citizens, there are many exchanges that have not yet acted and will not act on this. The other side of the coin is Jesse Powell, CEO of Kraken, who refused to block Russian citizens on his exchange, and I personally applaud the reasons he gave. Russian citizens have not started the war, the war has been started by Putin.

Jesse Powell's statements are available here: https://fortune.com/2022/03/02/kraken-ceo-response-to-ukraine-request-to-freeze-russian-crypto

[rizqillah]

It seems that the Russian people will really get a bad impact from the effects of their country's invasion of Ukraine, sanctions after sanctions continue to come to the country. 
Yesterday I saw many Russian citizens who could not withdraw their money in other countries because many banks blocked Russian citizens, and now the Crypto world has started to sanction them. 
If this continues, the situation for Russian citizens will only get worse.

Not the entire crypto industry is blocking Russian citizens, there are many exchanges that have not yet acted and will not act on this. The other side of the coin is Jesse Powell, CEO of Kraken, who refused to block Russian citizens on his exchange, and I personally applaud the reasons he gave. Russian citizens have not started the war, the war has been started by Putin.

Jesse Powell's statements are available here: https://fortune.com/2022/03/02/kraken-ceo-response-to-ukraine-request-to-freeze-russian-crypto

It's good news, I agree with you brother.
Citizen didn't have mistake because of Russia be and Ukraine war.
Why they must  be blocked. It's not fair, I think.
I get the point As you said Russian citizens have not started the war, the war has been started by Putin.
The Russian government that started the war, Not their citizens.
Be fair to see this case.

[legend45]

Maybe Several countries will give sanctions for Russian, but I think It's not good if they blocked 25,000 russian address at coinbase.
I agree with opinion above.
Russian citizens didn't have mistake and not started the war, why must be sanctioned.
Agree with CEO of Kraken.

[trauchot]

There are many other cryptocurrency exchanges where people from Russia will be able to trade cryptocurrencies without problems, so it's not such a big problem if several cryptocurrency exchanges like Coinbase will ban Russians, of course for some Russians it will probably be a big problem, but I think a way out of this situation can be found.

[innerpumper]

I don't think this will have much of an impact on cryptocurrencies globally.
Basically, Russia does prohibit the circulation of cryptocurrencies in their country, if the exchange blocks accounts with Russian citizens it's something that is not too big.
But I don't think it's fair either way, after all they are citizens of a country that shouldn't be involved in a war that should suffer the consequences like having their wallets blocked from exchange. I prefer peace.

[Vx1]

There are many other cryptocurrency exchanges where people from Russia will be able to trade cryptocurrencies without problems, so it's not such a big problem if several cryptocurrency exchanges like Coinbase will ban Russians, of course for some Russians it will probably be a big problem, but I think a way out of this situation can be found.

In this case, I support the Russian people, they don't have to panic about the blocking carried out by Coinbase.  In this world there are lots of Crypto exchanges that can still be used to trade Crypto by Russian citizens, Keep the spirit for Russian citizens.

[DAMKAR]

There are many other cryptocurrency exchanges where people from Russia will be able to trade cryptocurrencies without problems, so it's not such a big problem if several cryptocurrency exchanges like Coinbase will ban Russians, of course for some Russians it will probably be a big problem, but I think a way out of this situation can be found.

In this case, I support the Russian people, they don't have to panic about the blocking carried out by Coinbase.  In this world there are lots of Crypto exchanges that can still be used to trade Crypto by Russian citizens, Keep the spirit for Russian citizens.

agreed, Russian people can  use other exchange if being blocked in coinbase.
There are several potential exchange.
I think Citizen didn't be guilty about the war, why they must be sanctioned.
Hopefully other exchange didn't block russian people.
It will have bad effect for crypto market.

[Speaker]

Cryptocurrency for me has always been a bulwark of stability in our unstable times...but the reality is that any geopolitical tension has a painful effect on the entire industry, and ultimately innocent citizens suffer

[cheezcarls]

It seems that Coinbase has decided, unlike Kraken, to block some users and they have started to block some Russian user accounts. From what we can read in the article I link below, there are 25,000 "specifically detected" accounts. According to Coinbase, the exchange must comply with the sanctions imposed.

You can read the article here: https://blog.coinbase.com/using-crypto-tech-to-promote-sanctions-compliance-8a17b1dabd68

Does anyone know how Coinbase was able to detect those specific accounts?. Could it be an algorithm that had been adding accounts to a possible blacklist for some time?.

I just feel bad for the innocent Russian accounts in Coinbase. They don’t deserve this treatment and I really feel what they’ve felt. But Coinbase had no choice but to comply and follow the order or else they will be suffering big consequences as they are registered in the United States. Putin is to be blamed for this mess.

[Freemind]

I just feel bad for the innocent Russian accounts in Coinbase. They don’t deserve this treatment and I really feel what they’ve felt. But Coinbase had no choice but to comply and follow the order or else they will be suffering big consequences as they are registered in the United States. Putin is to be blamed for this mess.

As stated in the article, those 25,000 accounts are "suspicious" for some reason, not Russian user accounts that have been blocked for no reason, but because Coinbase believes they could be used to launder money. If this is indeed the case, I wonder why Coinbase waited for the invasion to lock down those accounts and start investigating what activities they are doing. I have never believed in coincidences, and maybe those 25,000 accounts are from Russian users with a lot of money.

[doc]

if coinbase blocked Russian user that suspicious for money laundering, I think coinbase should announce the reason why they blocked.
Don't just block and no reason.
I think there are many big investors from Russian, If the war become the reason, I don't agree.
But If money laundering is the reason,  It's good decision to block the users.

[Jaephoenix]

In the end, this war would eventually bite the common Russian folks who have no hands in the war, while Putin the emperor enjoys himself in his dacha

[Freemind]

It's good news, I agree with you brother.
Citizen didn't have mistake because of Russia be and Ukraine war.
Why they must  be blocked. It's not fair, I think.
I get the point As you said Russian citizens have not started the war, the war has been started by Putin.
The Russian government that started the war, Not their citizens.
Be fair to see this case.

Worst of all, the entire Russian government is not in favor of the invasion, so there are some major players inside and outside the Putin government who have quit. This is proof that Putin is increasingly alone and isolated within his own country, and that he does not have 100% support from his government or his oligarchs. Ukraine does not deserve what is happening, but the Russian people have not started the war.

[Jaephoenix]

Coinbase is a leading centralized crypto exchange and so wants to lead by examples. Binance a top exchange too has already declined to cut off Russian accounts. Who blames them

[Freemind]

if coinbase blocked Russian user that suspicious for money laundering, I think coinbase should announce the reason why they blocked.
Don't just block and no reason.
I think there are many big investors from Russian, If the war become the reason, I don't agree.
But If money laundering is the reason,  It's good decision to block the users.

That is what I was referring to in my previous post. I don't think it's a mere coincidence that Coinbase found those 25,000 accounts just as Russia invaded Ukraine. Coinbase may have been monitoring these accounts for some time, but did not make any public statements until the beginning of the invasion, which leads me to think that perhaps Coinbase was just waiting for the “right” time to make these statements public.