Crypto has once again been in the spotlight of US financial watchdogs, and it's not always a welcome sign. See how sanctions are playing into the mix.
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.U.S.-based financial institutions “with visibility into cryptocurrency” and convertible virtual currency, or CVC, to report any activity that could be considered a potential way for Russia to evade sanctions imposed by the U.
“In the face of mounting economic pressure on Russia, it is vitally important for U.S. financial institutions to be vigilant about potential Russian sanctions evasion, including by both state actors and oligarchs,” said Him Das, who has been the FinCEN acting director since August 2021.
Many U.S. lawmakers and agencies have spoken out on Russia-based individuals and banks potentially attempting to use