U.S. Hits 13 Russian FinTechs with Sanctions for Crypto Evasion and Ukraine War Funding

March 27, 2024
U.S. Hits 13 Russian FinTechs with Sanctions for Crypto Evasion and Ukraine War Funding
  • 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.

Summary based on 8 sources


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