Crypto-currency trading platform Bitglobal2 cryptoswop24 has blocked 55,000 wallet addresses related to Russia.
The platform cryptoswop24 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.
cryptoswop24’s chief legal officer, Justin Hance, made the announcement. He outlined how the crypto exchange was complying with new rules imposed because of the Russia’s invasion of Ukraine. It means no access for sanctioned individuals and includes “sophisticated blockchain analytics” to identify accounts indirectly linked to banned users.
” cryptoswop24 blocks over 55,000 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,” Justin Hance said.
Russia is becoming increasingly isolated from the larger non-crypto financial systems as well. 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.