EddieJayonCrypto
27 Mar 24
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced new sanctions on crypto-related companies linked to Russia, targeting entities and individuals for facilitating transactions and offering crypto services to evade sanctions. This measure is part of the US gover...
The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced new sanctions on crypto-related companies linked to Russia, targeting entities and individuals for facilitating transactions and offering crypto services to evade sanctions. This measure is part of the US government's efforts to combat OFAC-designated entities from circumventing sanctions through virtual asset services. The sanctions target companies servicing Russia’s financial infrastructure in the technology and financial services sectors, and all transactions and interactions between designated entities and US individuals are banned. Additionally, a Chainalysis report shows that Netex24 and Bitpapa have facilitated significant transactions to sanctioned entities.
The US treasury recently designated thirteen entities and two individuals for allegedly facilitating transactions and offering crypto services to help "evade sanctions." These entities and individuals are operating in the financial services and technology sectors of Russia and are enabling the evasion of US sanctions by OFAC-designated entities. The move bans all transactions and interactions between these entities and US individuals. A Chainalysis report reveals that two of the newly OFAC-designated entities, Netex24 and Bitpapa, have facilitated significant transactions to sanction entities over the past two years, indicating their role in sanctions evasion.
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