sanctions | ForkLog

ForkLog 124 10.07.2024

Lithuanian Regulator Fines Crypto Platform Payeer Nearly €9.3 Million

The Lithuanian Financial Crime Investigation Service (FNTT) has imposed a record fine of €8.23 million on the crypto processing platform Payeer for failing to comply with international sanctions. Additionally, the company will pay €1.06 million for violating the Law on the Prevention of Money Laundering and Terrorist Financing (PPTFPĮ). Operating as a virtual asset service […]

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ForkLog 28 10.07.2024

What is money worth? How currency sanctions affected Russia’s P2P market

On 12 June the Moscow Exchange and the National Clearing Centre (NCC) were added to the sanctions list of OFAC. The next day the venue halted trading in the dollar and the euro. ForkLog examined how the sanctions have affected Russia’s crypto P2P market and why digital assets have become more attractive to local investors. […]

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ForkLog 116 27.06.2024

Bybit Enforces Rigorous Checks on Russian Clients to Comply with Sanctions

Cryptocurrency exchange Bybit is conducting thorough checks on Russian clients and adhering to “very strict rules” to comply with sanctions, according to the platform’s CEO Ben Zhou in an interview with Bloomberg. He noted that Russia and CIS countries account for approximately 20% of the exchange’s trading volumes. Bybit is currently seeking a license to […]

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ForkLog 8 24.06.2024

EU Bans Transactions with Crypto Firms Supporting Russian Military-Industrial Complex

The European Union, as part of its 14th package of sanctions against Russia, has prohibited transactions with banks and cryptocurrency services from third countries that facilitate dealings with the Russian defense industry. In a press release, the EU Council explains that the restrictions apply to any transactions with Russia concerning dual-use goods and technologies, sensitive […]

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ForkLog 17 28.05.2024

Russian Metallurgical Giants Embrace USDT for International Transactions

At least two of Russia’s largest metal producers, not subject to sanctions, have begun using the stablecoin USDT and other cryptocurrencies for international transactions. This was reported by Bloomberg, citing company executives. According to them, the deals are primarily conducted with Chinese clients and suppliers. In some cases, transactions are routed through Hong Kong. The […]

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ForkLog 40 08.05.2024

Identity of LockBit Ransomware Administrator Revealed

The FBI, NCA, and Europol have uncovered the identity of the administrator and developer of the LockBit ransomware, known by the aliases LockBitSupp and putinkrab. He is identified as Dmitry Khoroshev, a 31-year-old native of Voronezh. According to law enforcement, the Russian national amassed $100 million from his criminal activities. The total ransom demanded by […]

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ForkLog 27 03.05.2024

Tether and Chainalysis to Develop Secondary Market Monitoring Solution

Tether, the issuer of USDT, and security firm Chainalysis have entered into a partnership to create a system for tracking activity in the secondary market. According to the press release, this pertains to “transactions occurring within the broader USDT ecosystem beyond the limited liability organizations that directly buy and sell the stablecoin.” “The solution allows […]

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ForkLog 20 03.05.2024

US Senators Deem Iranian Crypto Mining a National Security Threat

Senators Elizabeth Warren and Angus King urged the administration of President Joe Biden to provide information on measures to combat Iran’s “unbridled evasion” of sanctions through cryptocurrency mining. “Iran legalized the digital asset mining industry in 2019. Over the past five years, Iran has earned millions of dollars from mining—a stable source of income that […]

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ForkLog 31 02.05.2024

Russia and Iran Explore Digital Ruble and Rial Transactions

Facing Western sanctions, Russia and Iran are exploring the use of DFAs and central bank digital currencies (CBDCs) for mutual settlements, according to a report by Izvestia. Rahimi Mohsen, the trade attaché of the Iranian embassy in Russia, stated that Tehran and Moscow are working on innovative solutions to simplify trade between the nations and […]

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ForkLog 72 02.05.2024

US Prosecutors Investigate Jack Dorsey’s Square and Cash App for Suspicious Crypto Transactions

The US federal prosecutors are scrutinising the financial operations of the cryptocurrency divisions of Jack Dorsey’s company, Block, for compliance with regulations. This was reported by NBC News, citing sources. According to these sources, the divisions Square and Cash App are suspected of long-standing and widespread compliance procedure violations, which allegedly allowed the companies to […]

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ForkLog 21 30.04.2024

US Senators Voice Concerns Over USDT’s Role in Sanctions Evasion

On April 28, US Senators Elizabeth Warren and Roger Marshall sent a letter to the Treasury, the Department of Defense, and the White House, expressing concerns about the use of cryptocurrencies to evade sanctions. This was reported by the Wall Street Journal. The authors posed several specific questions regarding USDT transactions conducted by Russia, Iran, […]

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ForkLog 20 24.04.2024

Tether to Block Payments Evading Sanctions

Tether has announced its intention to block wallets of organizations and individuals holding USDT that are under U.S. Treasury sanctions, according to Cointelegraph. Any payments directed to these entities will be frozen. A Tether representative emphasized the company’s ongoing commitment to halting transactions to addresses listed on the SDN list by the OFAC, aiming for […]

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