Coinbase says it's blocked 25,000 Russian accounts, as the crypto exchange steps up its efforts to stamp out illicit activity

Coinbase said on Monday it had blocked 25,000 accounts linked to Russian users that it said it believed were involved in illicit activity, and said it is stepping up its efforts to comply with Western restrictions on Russian finances over the country's invasion of Ukraine.

"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. 

A Coinbase spokesperson said the decision to block those wallets had not been the direct result of Russia's invasion of Ukraine, but rather was part of a wider effort to combat fraudulent activity on the the exchange.