Cryptocurrency exchange platform Coinbase has blocked 25,000 accounts associated with Russian users believed to be involved in illicit activity.

“Today, Coinbase blocks over 25,000 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,” the company said on Monday.

Business Insider quotes a Coinbase spokesperson as saying the decision to block those wallets was not the direct result of Russia’s invasion of Ukraine but rather was part of a wider effort to combat fraudulent activity on the platform.

The exchange platform also said it was boosting its efforts to comply with Western restrictions on Russia over the country’s invasion of Ukraine.

“Sanctions play a vital role in promoting national security and deterring unlawful aggression, and Coinbase fully supports these efforts by government authorities,” Coinbase said.

Last week, Coinbase CEO Brian Armstrong rejected the notion that the exchange platform would ban all Russian users.

Mr Armstrong said, in a series of tweets, that cryptocurrency had become a “lifeline” for ordinary Russians desperate to preserve their wealth as the value of the ruble collapsed.  

Mr Armstrong’s views on banning all Russian users from the exchange platform was reiterated by Changpeng Zhao, CEO of Binance, who described the act as “unethical“.

Mr Zhao said Binance would restrict access to Russian account holders targeted by international sanctions, but it would not restrict all Russians from accessing its platform.