The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has listed a Russian over-the-counter cryptocurrency exchange SUEX over "ransomware payments" into the black list. According to the regulator, the platform is facilitating financial transactions for ransomware actors.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.
"Analysis of known SUEX transactions showed that over 40% of SUEX's known transaction history was associated with illicit actors," OFAC said in an updated advisory.
OFAC considers exchanges like SUEX as critical component to the profitability of ransomware attacks. These platforms support funding additional cybercriminal activity, the agency said. Chainalysis says the exchange is legally registered in the Czech Republic. However, the actual physical presence is set in Moscow, Saint Petersburg, Kazan, Sochi and Kyiv.
The move comes shortly after iHodl reported that the Biden administration was planning to reveal new actions against hackers that ransom payments in cryptocurrency. According to reports, the authorities want to impose a regulatory burden on the cryptocurrency business.
The Treasury Department also plans to reveal a new guidance for the crypto-related business on the risks associated with facilitating these payments. The guidance will include fines and penalties.
Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.