Crypto-currency trading platform Coinbase has blocked 25,000 wallet addresses linked to Russian accounts.
The popular platform said the addresses were related to Russian individuals or entities, who it believes have engaged in illicit activity.
The action taken by Coinbase were made over fears that the accounts could be used to skirt economic sanctions put on Russia in the wake of their invasion of Ukraine late last week.
Coinbase’s chief legal officer, Paul Grewal explained the exchange’s move means the sanctioned individuals will no longer be able to access their accounts and that the block will also identify accounts indirectly linked to banned users.
While the US and its allies have imposed sanctions on Russia, several crypto companies have been reluctant to put their own sanctions in place if it meant restricting Russians who were anti-war.
However, Coinbase believes the 25,000 addresses It has blocked are those who are believed to engaged in illicit activities.
Grewal added that he believes everyone deserves access to basic financial services in congruence with the law and therefore the exchange would not be pre-emptively banning all Russians from using Coinbase.
Coinbase’s decision adds to Russia’s increasing isolation after Visa, Mastercard and American Express also suspended their operations in Russia.
Market News
Bitcoin is holding at just around US$38,200 for the second day in a row, remaining 12 percent below its price just one week earlier. Meanwhile, Ethereum has climbed three percent since yesterday to hold at US$2,578.
Altcoin News
As the wider altcoin market has been steadily decreasing in the past week, one DeFi token has bucked the trend.
Xido Finance is an automated market maker that provides yield-farming incentives to liquidity providers.
The XIDO token powers the platform as well as the self-sustaining pools and farms without ever minting a new token. The coin has a capped supply of 100 million.
The Xido platform was launched in 2020, with the XIDO token being released in June last year. Following its launch, the token quickly peaked at US$481, which was followed by a heavy correction.
XIDO had been hovering between six and seven dollars throughout most of February before a dramatic turnaround on March 3 where it shot to US$34.
It has since corrected but currently sits at US$17.50.
Winners and Losers
Image Source @ 2022 Kalkine Media®
Data Source: Coinmarketcap.com, based on top 100 cryptos.
Note: Growth from the 24 hours prior to 12:30pm AEDT
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
This news is republished from another source. You can check the original article here
Be the first to comment