Treasury Crypto Security Sanction Blocks Exchange

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https://securityintelligence.com/news/treasury-crypto-security-blocks-exchange-ransomware/

The U.S. government sanctioned the cryptocurrency exchange SUEX for moving money for ransomware actors. In essence, that means U.S. citizens and corporate entities are banned from using it. The statement, released in September, is part of a wider effort to boost crypto security and “disrupt criminal networks and currency exchanges”.

This was the first time OFAC and the FBI leveled crypto security sanctions against a virtual currency exchange. “Some virtual currency exchanges are exploited by malicious actors, but others, as is the case with SUEX, facilitate illicit activities for their own illicit gains,” OFAC noted. As part of the same effort, OFAC updated an advisory discussing its designation of malicious digital attackers under a crypto-security sanctions program.

The version emphasized the ability of the U.S. Treasury Department to impose civil penalties for sanctions violations based on strict liability. So, a person could receive a punishment even if they didn’t know they had broken the law.

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