FinCEN includes crypto in alert on Russia potentially evading sanctions
"Prompt reporting of suspicious activity contributes to our national security and our efforts to support Ukraine and its people," said FinCEN acting director Him Das. The United States Financial Crimes Enforcement Network, or FinCEN, a bureau of the Treasury Department, has warned financial institutions to consider crypto as a possible means Russia may attempt to use to evade sanctions related to the country’s military action in Ukraine.In a Monday alert, FinCEN reminded U.S.-based financial institutions “with visibility into cryptocurrency” and convertible virtual currency, or CVC, to....
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The U.S. Financial Crimes Enforcement Network (FinCEN) has joined the list of international entities raising concerns over crypto aiding Russia to evade sanctions. The country was hit by unprecedented financial penalties after it invaded Ukraine. Related Reading | TikTok To Stop Livestream In Russia Over ‘Fake News’ – What Now, Russian Crypto TikTokers? In an […]
The Financial Crimes Enforcement Network (FinCEN) has issued an advisory on Russian efforts to evade sanctions that includes a number of crypto-related red flags. However, the bureau admitted that it has not seen “widespread evasion” of its sanctions using cryptocurrency.
FinCEN Warns About Sanctions Evasion
The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, issued an advisory Monday providing regulated financial institutions with “red flags on potential Russian sanctions evasion attempts.”
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The FinCEN, an agency of the US treasury department, has informed all financial institutions that Russia may likely consider using cryptocurrency to evade sanctions associated with its military activities in Ukraine. The current director of FinCEN, Him Das, explained that proactive reporting of wary actions is part of the United States’ efforts to support Ukraine […]
Head of international policy at Chainalysis explains why crypto is not a silver bullet for evading international sanctions. As pointed out by Caroline Malcolm, head of international policy at Chainalysis, the transparent nature of blockchain technology makes it relatively easy for crypto intelligence companies to track funds related to sanctioned entities. “We're in quite a unique position because of the transparency and the permanency and the immutability of that public record,” explained Malcolm in an exclusive Cointelegraph interview. Governments around the world have expressed concerns....
The chief executives of two major cryptocurrency exchanges, Binance and Coinbase, do not believe that cryptocurrency is an effective tool to help Russia evade Western sanctions.
CEOs of Binance and Coinbase Say Crypto Not Useful at Evading Sanctions
Since Russia began its invasion of Ukraine, governments worldwide have raised concerns that cryptocurrency could be used to circumvent sanctions placed by Western nations.
The CEOs of two leading cryptocurrency exchanges have shared their thoughts on whether crypto can be an effective tool to circumvent sanctions.....