• February 27, 2024

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Coinbase Starts Closing Accounts Belonging to Russian Users

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Crypto exchange Coinbase started blocking addresses associated with Russian users in March as part of compliance with the sanctions policy.

Many Russian users have started to report the blocking of their Coinbase accounts, which store assets worth more than $10,000.

Starting from May 23, the owners of a smaller amount of funds started to receive notifications about the closure of their accounts. The company attributes its decision to the need to comply with the requirements of the Financial Crime Enforcement Administration (FinCEN).

In addition, the exchange is blocking even those accounts whose owners have deposited funds, but have not made any further transactions.

Binance started in April to limit the service of Russian users.