Crypto-currency trading platform Coinbase has blocked 25,000 wallet addresses related to Russia.
The platform said the addresses were related to Russian individuals or entities it believed to have engaged in illicit activity.
The addresses were blocked over fears crypto-currency could be used to evade sanctions imposed by the US, UK and EU.
Coinbase鈥檚 chief legal officer, Paul Grewal, made the announcement on a听company blog. He outlined how the crypto exchange was complying with new rules imposed because of the Russia鈥檚 invasion of Ukraine.
It means no access for sanctioned individuals and includes 鈥渟ophisticated blockchain analytics鈥� to identify accounts indirectly linked to banned users.
鈥淐oinbase blocks over 25,000 addresses related to Russian individuals or entities we believe to be engaging in illicit activity, many of which we have identified through our own proactive investigations,鈥� Mr Grewal wrote.
鈥淲e shared them with the government to further support sanctions enforcement.
鈥淪anctions play a vital role in promoting national security and deterring unlawful aggression and Coinbase fully supports these efforts by government authorities.鈥�
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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鈥檚 government and US and European politicians to go further and听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鈥檚 operations in Russia would just hurt ordinary citizens, chief executive Brian Armstrong said.
鈥淲e are not pre-emptively banning all Russians from using Coinbase,鈥� he tweeted. 鈥淲e believe everyone deserves access to basic financial services unless the law says otherwise.鈥�
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.
But Russia downplayed the impact of the suspension, suggesting cards issued by Russian banks would continue to work inside Russia, as transactions could be handled by a domestic operator. And some Russian banks, including Sberbank and Alfa-Bank, said they might issue co-badged cards linked to Russia鈥檚 Mir and China鈥檚 UnionPay international payment systems.
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