Coinbase Reveals Plan To Comply With Russia Sanctions

Coinbase is addressing the plans to comply with the sanctions against Russia. As you know by now, we are in the middle of a terrible geopolitical situation with the war between Russia and Ukraine. This is obviously affecting the markets as well.

According to the latest reports, Coinbase chief legal officer Paul Grewal addresses the exchange’s approach to sanctions in the wake of Russia’s invasion of Ukraine.

In a blog post, Grewal said that the exchange giant intends to fully comply with the sanctions imposed on Russia following last month’s invasion.

According to Grewal, Coinbase is taking proactive steps to detect attempts at “evading sanctions and anticipating emerging threats on top of blocking sanctioned entities.”

Grewal explained that preventing sanctioned entities from using Coinbase partly occurs during the account registration phase.

“To open a Coinbase account, individuals and entities must provide identifying information, including their name and country of residence. We screen this information via an independent vendor before permitting an individual to transact.”

He also said this:

“If a customer lives in a sanctioned country or region, or if they are identified as a sanctioned individual or entity, they cannot open an account on our platform.”

The Coinbase chief legal officer also explained the fact that the geo-fencing controls are employed to prevent the entities living in the countries which have been seeing sanctions from accessing Coinbase.

Coinbase CEO Brian Armstrong has something important to say about the current geopolitical situation. Coinbase’s chief executive says that Coinbase doesn’t have plans to ban all of its Russian users, but the statement comes with one caveat.

CEO and billionaire Brian Armstrong tells his one million Twitter followers in a lengthy thread that Coinbase is not looking to impose an outright ban on Russian users. Stay tuned for more news.