US cryptocurrency exchange has proposed the use of cryptocurrencies to enhance compliance with economic sanctions in the Russian-Ukraine conflict.
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The firm’s Chief Legal Officer, Paul Grewal, notes in a blog that it is easy for targets to launder sanctions through the conventional financial systems.
Grewal says that cryptocurrency transactions are recorded on a public ledger and are traceable, making it easy for authorities to follow sanctions through.
Coinbase supports the sanctions imposed on oligarchs and entities, citing its role in fostering global security and preventing unwanted aggressions.
The company has taken part in the global sanction program by hindering signup access and evasion attempts by the marked Russian entities.
Satoshi Labs is another crypto firm that has blocked the shipment of crypto wallets to Russia in compliance with the sanctions.
The New York State Department of Financial Services has also implemented blockchain technology to enforce sanctions against Putin’s administration.