1/ We've been seeing some questions/discussion around whether crypto can be used to avoid sanctions. A few thoughts...
2/ Every US company has to follow the law - it doesn't matter if your company handles dollars, crypto, gold, real estate or even non financial assets. Sanctions laws apply to all US people and businesses.
3/ So it would be a mistake to think crypto businesses like Coinbase won't follow the law. Of course we will. This is why we screen people who sign up for our services against global watchlists, and block transactions from IP addresses that might...
4/ ...belong to sanctioned individuals or entities, just like any other regulated financial services business.
5/ That being said, we don’t think there’s a high risk of Russian oligarchs using crypto to avoid sanctions. Because it is an open ledger, trying to sneak lots of money through crypto would be more traceable than using U.S. dollars cash, art, gold, or other assets.
6/ This is not just my opinion btw — experts at the US Treasury and NSC agree. For example:
https://twitter.com/hannahdlang/status/1499029140305068033
7/ In addition, we are not preemptively banning all Russians from using Coinbase. We believe everyone deserves access to basic financial services unless the law says otherwise.
8/ Some ordinary Russians are using crypto as a lifeline now that their currency has collapsed. Many of them likely oppose what their country is doing, and a ban would hurt them, too. That said, if the US government decides to impose a ban, we will of course follow those laws.
9/ Sanctions are a complex issue, and the situation is changing fast, so we’ll keep working with law enforcement and governments, and will take more steps as needed. We'll also of course keep working to enable crypto services for the people of Ukraine who are in need of help.
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