Coinbase blocks 25,000 Russian addresses

[Istiak]

Great news. This is how we will build a decentralized economy. Centralized wallet service should be banned in crypto world. Why people use centralized wallet service provider by reveling their KYC data when there are other decentralized wallet service better than them! I stop using my coinbase account a long time ago because of this.

[Freemind]

Great news. This is how we will build a decentralized economy. Centralized wallet service should be banned in crypto world. Why people use centralized wallet service provider by reveling their KYC data when there are other decentralized wallet service better than them! I stop using my coinbase account a long time ago because of this.

I agree with you, but we have to think that sometimes people use CEX because they have no other alternative, not all coins/tokens are listed on DEXs, so sometimes there is no choice but to use a CEX to trade. The KYC that exchanges (CEX) do is just another control tool for governments, to know what citizens do with their money, just like banks. Personally, I try not to use CEX, especially considering that new DEXes appear every day.

[Fenix]

I think it is not entirely correct to delve further into the political component of the conflict....many exchanges have already announced sanctions to residents of Russia...although to tell the truth, the people are not directly to blame. Binance also announced sanctions.

If the people of Russia are not to blame for the attack on Ukraine, then who is to blame? In Ukraine, about 200,000 Russians are now fighting and killing Ukrainians. Whose fathers, husbands and children are these? Not the people of Russia? Even if only Putin and his entourage are to be blamed, aren't the people of Russia to blame for allowing Putin's twenty years of limitless rule? Other peoples of other countries are clearly not to blame for this. Only the entire people of Russia is to blame for what is happening now in Ukraine. And look what Russian statements about individual events related to the massacres of civilians in Ukraine and the destruction of their homes and civilian infrastructure. They rejoice in it. Even those who are now silent in Russia and do not condemn this war for fear of being subjected to repression, they are also to blame. You need to understand a simple thing: Putin is not personally killing Ukrainians now, they are being killed by the PEOPLE OF RUSSIA.

[anshor1]

I think It's clear.
Coinbase just block suspicious account.
So It doesn't cause of war  or other.
I think coinbase team have consideration for this.

[Alcor]

@Alichlas92. Could you be more specific about what views of the President of Ukraine Zelensky negatively affect the security of the people of Ukraine and the world. Why did Zelensky, who made a lot of efforts to repel Russia’s military aggression and ensure the defense security of Ukraine, suddenly begin to negatively influence the security of both Ukraine and the world?
Now Ukraine is inflicting a significant military defeat on Russia, and Zelensky has a certain merit in this. Therefore, as a Ukrainian and a resident of Ukraine, your vague thoughts are completely incomprehensible to me.
In my opinion, one should be indignant at the actions of the political leadership of Russia, which in the center of Europe was unleashed by aggressive military operations against a peaceful neighboring state. To defend yourself against such aggression is absolutely normal and legal.

everyone may not support the russian invasion of ukraine more so if the consequences of it have a negative impact on civilians... russia and ukraine have their own goals.. out there there are those who support there are also those who give sanctions, some of them give sanctions according to their abilities or their respective ways.. actions like Coinbase are a form of protest, and I think it's reasonable for Coinbase to do so, considering that this is one of the biggest companies in America, isn't America the opposite of Russia?

Sanctions against Russia, as a rule, are targeted. Either in relation to a specific individual or group of individuals, or in relation to certain companies or industries that participate in or contribute to the war. Also, the sanctions are aimed at weakening the Russian economy as a whole in order to limit the ability to finance the war of conquest, and here this will already affect all citizens. There are no other options here. It also takes into account that general sanctions against the state as a whole, which affect all citizens, should stimulate the expression of active protest against the war and force their government to stop aggression. After all, passive observation of how the country's officials commit war crimes in Ukraine is, in fact, complicity in this war. If the citizens who, according to the Constitution of the country, have full power, cannot stop their criminal government, then they are all guilty of this war. The innocent are the inhabitants of Ukraine, who are constantly under rocket fire from the Russian army and lose their loved ones and relatives. The suffering of the people of Russia is nothing compared to the suffering of the people of Ukraine. This must be understood.

[Max Way]

it could come from the coinbase account data that must meet the kyc requirements. This makes more sense, from here they can better know who the owner of this account is and which country they come from. But again, of course, they have a very qualified IT team to be able to detect the ownership of the account.

[Speaker]

If desired, it is easy to do. It is a pity that politics breaks into the cryptocurrency space as well.

[Jaephoenix]

I want to play the Devil's Advocate here, even though I'm not supporting the Russians. I daresay the lost income from the Russian users they blocked impoverished them. But seriously that is the truth. Newer and better centralized exchanges are popping up daily and competition is quite fierce now. Reason Binance is hesitant on blocking Russian users. CZ is smarter than Anderson obviously

[Astra]

If desired, it is easy to do. It is a pity that politics breaks into the cryptocurrency space as well.

Politics is always inseparable from finance. If someone believes that cryptocurrency can exist and develop on its own, then this is a deep delusion. Money is one form of power. Therefore, the one who has power in the state will not stand aside from cryptocurrency. It is most likely that stock exchanges and exchangers will eventually completely come under the control of states.

[yohananaomi]

I want to play the Devil's Advocate here, even though I'm not supporting the Russians. I daresay the lost income from the Russian users they blocked impoverished them. But seriously that is the truth. Newer and better centralized exchanges are popping up daily and competition is quite fierce now. Reason Binance is hesitant on blocking Russian users. CZ is smarter than Anderson obviously

what you predict can clearly be true, because we have to admit that the crypto community in Russia is clearly very large and its influence will be felt if someone does something to that community. It's not easy to do something out of the ordinary that involves something that can harm a community, because obviously they will fight back in various ways and it becomes unhealthy and dangerous.


Intervention is clearly wrong and not justified, but embargoing a community clearly doesn't solve the problem, instead it seems like it will create new problems again. You are right in saying that competition continues, if do an embargo, the community will look for other ways to move safely and this will clearly harm them later.

[Alcor]

I want to play the Devil's Advocate here, even though I'm not supporting the Russians. I daresay the lost income from the Russian users they blocked impoverished them. But seriously that is the truth. Newer and better centralized exchanges are popping up daily and competition is quite fierce now. Reason Binance is hesitant on blocking Russian users. CZ is smarter than Anderson obviously

what you predict can clearly be true, because we have to admit that the crypto community in Russia is clearly very large and its influence will be felt if someone does something to that community. It's not easy to do something out of the ordinary that involves something that can harm a community, because obviously they will fight back in various ways and it becomes unhealthy and dangerous.


Intervention is clearly wrong and not justified, but embargoing a community clearly doesn't solve the problem, instead it seems like it will create new problems again. You are right in saying that competition continues, if do an embargo, the community will look for other ways to move safely and this will clearly harm them later.

It's a little strange to see such comments. Russians, it turns out, can unite and defend their interests when it comes to limiting their rights in their personal financial sector. At the same time, they do nothing when their top government officials, whom they elected, stage a military invasion under false pretenses into neighboring Ukraine and massacre their inhabitants and destroy civilian infrastructure. Similar restrictions, which occurred on the Coinbase exchange, are designed to stimulate the citizens of Russia to influence their officials, including Putin, who, from unlimited power, imagines himself to be an emperor or tsar. It is precisely such sanctions that are designed to remind the Russians that they are also responsible for what is happening in their country.

[densus88]

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?.

Every exchange have own consideration to block suspicious account.
Many countries refuse Russian expansion, but russian citizens didn't have mistake for this war.
Why must be block their account ?

[shuvenker999]

I'm gonna say if it's a good decision from coinbase to suspend 25,000 Russian accounts because of what their government is doing in Ukraine account or not, the whole point is some people are going to lose getting access to their assets, but surely there can be some normal people who do not related to their governments and this a bad point of holding your assets on exchanges and especially the centralized exchanges no matter if it's the most famous and of the oldest exchanges in the world here is still a risk of losing all the assets if you are using the exchanges to hold your bitcoins and other cryptocurrencies there, however, if they decided to suspend the account of people who are related to their government this is a very good decision to suspend their accounts.

[Hope4life]

This is something sad for Russian citizens who use platforms like Coinbase, I know what Russia is doing may not be justified by other countries but blocking Russian people's accounts that have nothing to do with this situation is also very pity.

[Speaker]

I don't understand why this is so disturbing to many, there are other equally attractive trading platforms.