The U.S. government has imposed stringent restrictions on several Russian cryptocurrency platforms due to their involvement in money laundering and evasion of U.S. sanctions. The Office of Foreign Assets Control (OFAC) has identified thirteen companies and two individuals who aided sanctioned Russian entities in circumventing these regulations.
Among the targeted companies is B-Crypto, which worked in conjunction with a sanctioned bank to facilitate cryptocurrency payments. Another affected entity is Bitpapa, a peer-to-peer exchange implicated in illegal activities.
Cryptex has also been sanctioned for its role in money laundering activities related to ransomware and fraud. These measures are part of a larger U.S. initiative aimed at disrupting Russia’s financial networks in response to its actions in Ukraine.
Additionally, PM2BTC, a Russian online currency exchange linked to Sergey Sergeevich Ivanov, as well as Ivanov himself, are facing sanctions for their illicit activities on the platform.
The primary objective of these sanctions is to restrict Russia’s access to international financial systems and to prevent the Russian government from utilizing cryptocurrency to facilitate payments.
Bradley T. Smith, Acting Under Secretary of the Treasury for Terrorism and Financial Intelligence, stated that the United States and its global partners are committed to stopping cybercriminals like PM2BTC and Cryptex.
He emphasized that the Treasury will collaborate closely with allies to use all available resources to disrupt networks exploiting online assets for illegal activities.
Read also: SEC charges TrustToken and TrueCoin over stablecoin fraud
U.S. government agencies and foreign law enforcement are jointly taking action against cybercriminals. The U.S. Secret Service, the Netherlands Police, and the Dutch Fiscal Intelligence and Investigation Service have dismantled websites and infrastructure linked to PM2BTC, UAPS, and Cryptex.
Additionally, the U.S. State Department is offering up to $10 million for information leading to the arrest or conviction of Ivanov.
Moreover, the U.S. Secret Service and the U.S. Attorney’s Office for the Eastern District of Virginia are announcing charges against Ivanov and another Russian national, Timur Shakhmametov. These efforts are part of Operation Endgame, an international initiative aimed at dismantling the financial support systems for global cybercrime.
