More Russians came under Coinbase sanctions

At first, the owners of exchange accounts with more than 10 thousand US dollars received messages about a possible account blocking, but now the situation has changed.

One of the largest American cryptocurrency exchanges, Coinbase, has expanded the list of accounts that receive a message about a possible block due to falling under EU and US sanctions. The exchange previously sent out a message stating that the accounts will be blocked if account holders cannot confirm that they are not subject to EU and US sanctions. If customers are still subject to sanctions, Coinbase has offered them to withdraw their funds to third-party accounts. The block has been set for May 31st. Any failure to comply with the exchange requirements threatens the account holder with an account blocking and freezing of assets for an indefinite period. Previously, such messages were received only by account holders with assets worth $10,000. As Paul Grewal, the exchange’s chief lawyer, wrote on Twitter, these measures were imposed since Coinbase is no longer able to provide services to some Russian users who are registered at the exchange’s European branches or located in the EU. However, he noted that accounts not subject to sanctions would be serviced as before. Recently, mailing has become widespread, and many account holders with Russian I.P. have begun to receive messages about possible blocking. Even “sleeping” accounts that have never been used since activation were affected.