The U.S. Treasury's OFAC has sanctioned 13 Russian FinTech companies and two individuals for using cryptocurrency to bypass sanctions and fund conflict with Ukraine.

These entities provided services to sanctioned dark web marketplaces and helped evade U.S. sanctions.

A Cyprus-based company with majority ownership by one of the sanctioned FinTechs is also targeted.

All property of the designated persons within U.S. jurisdiction or controlled by U.S. persons is now blocked.

The sanctions follow actions against Chinese nationals for cyber-attacks and members of Beijing's APT31.

Despite sanctions, the transparency of cryptocurrency transactions enables tracking and has reduced crypto money laundering.

The U.S. Treasury aims to prevent sanctioned Russian financial institutions from accessing the global financial system.

Russian crypto exchange CommEx is shutting down amid these sanctions, causing instability in Russia's crypto market.

Under Secretary Brian E. Nelson advises readers to independently verify facts and seek professional advice before making decisions based on the report.