Coinbase says sanctions play a “vital role in promoting national security” and the acts can help deter 'unlawful aggression.'
concerning the company’s goals toward promoting sanction compliance. The post was written by Coinbase’s chief legal officer Paul Grewal and it touched upon the current conflict in Ukraine. Essentially, the gist of the article highlights that “Coinbase is committed to complying with sanctions.”
The Coinbase executive’s post further explains that crypto assets have specific “properties that naturally deter common approaches to sanctions evasion.” This is due to the fact that most blockchains are public, auditable, and traceable. As far as traceability is concerned, Grewal says when applied to public blockchain data, “analytics tools offer law enforcement additional capabilities.
Grewal notes in the company blog post that sanctioned individuals or entities are checked for during the onboarding process at Coinbase. The crypto company leverages sanction lists “maintained by the United States, United Kingdom, European Union, United Nations, Singapore, Canada, and Japan.” Additionally, Coinbase has sophisticated technology that can anticipate threats, Grewal disclosed.
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