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US sanctions Russian crypto platforms for money laundering ties

Two crypto exchanges and two individuals have been sanctioned for ties to underground finance.

The United States government has taken action against two Russians and two cryptocurrency exchanges tied to alleged illicit Russian finance. The departments of the Treasury, Justice and State were involved, along with an assortment of overseas law enforcement agencies.

The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) identified PM2BTC, a Russian cryptocurrency exchange, and Sergey Ivanov, who is associated with that exchange, as being of “primary money laundering concern.” At the same time, Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Ivanov and another crypto exchange, Cryptex.

PM2BTC is alleged to process the proceeds of ransomware attacks and other illicit activities. Half of its activities are linked to illegal operations, according to FinCen. According to Chainalysis, PM2BTC shares wallet infrastructure with UAPS (Universal Anonymous Payment System), an underground payment processing system.

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Terror victims claim DOJ withholding share of $4.3B Binance penalty

Four people who are victims or family of victims of state terrorism sued the Justice Department, claiming it hasn’t put the appropriate funds from Binance’s settlement into a victim fund.

The United States Department of Justice must place more of its massive $4.3 billion settlement with Binance into a fund for victims of state-sponsored terrorism, a lawsuit claims.

On Sept. 25, four people who are victims or family of victims of state-sponsored terrorism sued the DOJ in a Washington, D.C. federal court, claiming it improperly withheld or delayed depositing the proceeds of Binance’s November settlement into the Victims of State Sponsored Terrorism Fund.

The suit claimed under the Victims of State Sponsored Terrorism Act, 100% of criminal proceeds and 75% of civil proceeds from cases like Binance’s should be deposited into the fund, which was established to compensate victims of state-sponsored terrorism.

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North Korea Signals Closer BRICS Relations Amid Growing Russia Ties

North Korea Signals Closer BRICS Relations Amid Growing Russia TiesNorth Korea may be ramping up efforts to align itself with the BRICS economic bloc, as its top diplomat skipped the United Nations General Assembly in favor of a BRICS-related event. Analysts suggest that while Kim Jong-un seeks to break diplomatic isolation through such alliances, North Korea’s sanctions and economic constraints make membership unlikely. Recent […]

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Lavrov Says He Agrees With Donald Trump on US Sanctions Weakening Dollar’s Status

Lavrov Says He Agrees With Donald Trump on US Sanctions Weakening Dollar’s StatusRussian Foreign Minister Sergey Lavrov has backed former U.S. President Donald Trump’s remarks about the negative effects of U.S. sanctions on the dollar and the American economy. Lavrov agreed that sanctions imposed by the Biden administration have weakened the dollar’s global reserve status. He further noted a global shift towards dedollarization, led by nations like […]

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FATF Urges India to Strengthen Virtual Asset Regulation

FATF Urges India to Strengthen Virtual Asset RegulationIndia has achieved a high level of technical compliance with Financial Action Task Force (FATF) standards, addressing illicit finance, money laundering, and terrorist financing. In a joint assessment with regional bodies, the FATF praised India’s progress but pointed out areas needing improvement, especially in regulating the non-financial sector and virtual asset providers. The country was […]

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US Treasury Sanctions Cambodian Tycoon Over Crypto Fraud and Trafficking Links

US Treasury Sanctions Cambodian Tycoon Over Crypto Fraud and Trafficking LinksThe U.S. Department of the Treasury has imposed sanctions on Cambodian tycoon Ly Yong Phat and his businesses, linking them to human trafficking and forced labor scams involving cryptocurrency fraud. Victims were manipulated into online scam centers, and trafficked workers were forced into labor for these schemes. The sanctions freeze U.S.-based assets and prohibit transactions, […]

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Over $55 Billion in Settlements Between Russia and Turkey Potentially Disrupted by Recent Western Sanctions

Over  Billion in Settlements Between Russia and Turkey Potentially Disrupted by Recent Western SanctionsTrade settlements between Russia and Turkey via bank transfers are now being disrupted due to the new sanctions enacted against Russia. According to Russian media, the U.S. is currently checking all sources of transfers to and from Russia, and bank headquarters are heavily scrutinizing Russian citizens opening bank accounts in the country. Settlements Between Russia […]

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Russia Setting Sights on Alternative Financial System Independent of US Dollar Using Crypto: Chainalysis

Russia Setting Sights on Alternative Financial System Independent of US Dollar Using Crypto: Chainalysis

Russia is looking at crypto to mitigate the effect of sanctions and bolster its international payments ability, according to a new report from Chainalysis. Chainalysis says that Russia is positioning itself in an attempt to overtake the US as the global leader in crypto mining, passing a new bill allowing legal entities and registered entrepreneurs […]

The post Russia Setting Sights on Alternative Financial System Independent of US Dollar Using Crypto: Chainalysis appeared first on The Daily Hodl.

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Russia Expands Digital Ruble Pilot With New Features: Widespread Use Expected in 2025

Russia Expands Digital Ruble Pilot With New Features: Widespread Use Expected in 2025Russia’s central bank is expanding its digital currency pilot program, involving 9,000 individuals and 1,200 companies. New features for the digital ruble, including payments via QR code, will be tested. Full-scale implementation is expected by late 2025. According to officials, demand for the digital ruble is growing, with successful integration anticipated due to ongoing sanctions. […]

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Russian Economy Sees Growth Despite Western Sanctions and Declining Imports

Russian Economy Sees Growth Despite Western Sanctions and Declining ImportsThe Russian economy has experienced substantial growth across various sectors, with unemployment rates remaining historically low, despite ongoing Western sanctions related to the Ukraine conflict. Industrial production, driven by military manufacturing, saw a 3.3% increase in July, and the GDP growth rate for the first half of the year reached 4.6%, compared to 1.8% in […]

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