US Treasury Undersecretary Warns Crypto Exchanges Against Helping Russia Evade Sanctions

Wally Adeyemo – the 15th Under Secretary of the US Treasury – has warned cryptocurrency exchanges and monetary institutions not to help Russia circumvent financial sanctions. He affirmed that the American authorities will detect and sanction those who do not respect this request.

“We will come and we will find you”

US officials will hold accountable all sectors that try to help Russia evade the financial sanctions imposed on the country after Vladimir Putin launched his “special military operation” against Ukraine. This was stated by US Assistant Treasury Secretary Wally Adeyemo in a recent interview with CNBC:

“What we want to say very clearly to crypto exchanges, financial institutions, individuals, anyone who might be able to help Russia profit and evade our sanctions: we will hold you accountable.”

The 40-year-old government official believes that Russia has not been able to circumvent monetary sanctions via crypto trading platforms or other financial firms so far. However, he assumed that the largest nation by landmass will continue to try and “use every means possible”.

Digital asset platforms and all other businesses should know that they cannot escape the scope of responsible agencies, Adeyemo warned:

“We will come and we will find you, and we will ensure that Russia does not have the ability to circumvent the sanctions that we have put in place to make it harder for them to continue the illegitimate war that they have in Ukraine. .”

Wally Adeyemo, Source: The Arabic Weekly

Last week, Christine Lagarde – the president of the European Central Bank – issued a similar warning. She claimed that crypto companies helping Russia evade sanctions will come under scrutiny.

US Treasury Vs Crypto Platforms Not Complying

The Treasury, which handles all federal finances, has experience penalizing cryptocurrency exchanges. In September last year, it sanctioned Suex, a trading platform based in the Czech Republic.

At the time, Adeyemo accused the company of facilitating operations involving “illicit proceeds from at least eight ransomware variants.” Moreover, he said that 40% of the exchange’s known transaction history is linked to criminals.

The official further disclosed that the Suex penalty was the first such action by the Office of Foreign Assets Control against a digital asset trading platform. According to him, exchanges of this type “are essential to the ability of attackers to extract profits”.

Following the charges, the US Treasury Department banned Suex from doing business with US organizations.

Featured image courtesy of Bloomberg

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US Treasury Undersecretary Warns Crypto Exchanges Against Helping Russia Evade Sanctions


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