US imposes new sanctions against Russia regarding virtual currency

The U.S. Department of State has imposed new sanctions against the aggressor country Russia, which concern virtual financial transactions. In particular, Russian virtual currency exchange services PM2BTC and Cryptex have been subject to restrictions.

This was reported on the website of the US department on Thursday, September 27. As noted, the Ministry of Finance is taking measures "part of a coordinated international effort to disrupt Russian cybercrime services."

Thus, the Treasury Department's Financial Crimes Enforcement Network (FinCEN) imposed sanctions against PM2BTC, a Russian virtual currency exchange service associated with Russian citizen Sergei Ivanov. This exchange was identified as a "primary money laundering concern" in the Russian Federation.

At the same time, the Office of Foreign Assets Control (OFAC) imposed restrictions against Ivanov and Cryptex, a virtual currency exchange service registered in Saint Vincent and the Grenadines and operating in Russia.

"The FinCEN and OFAC actions are being issued in conjunction with actions by other U.S. government agencies and international law enforcement partners to hold accountable Ivanov and the associated virtual currency services," the statement said.

The U.S. State Department has announced a reward of up to $10 million through its Transnational Organized Crime Rewards Program for information leading to the arrest or conviction of Ivanov.

Also, the U.S. Secret Service and the U.S. Attorney's Office for the Eastern District of Virginia unsealed an indictment against Ivanov and another Russian citizen, Timur Shakhmametov.

According to the Secret Service, Shakhmametov is likely the creator of Joker's Stash, one of the most lucrative online platforms for stealing credit card data.

Ivanov was laundering the proceeds of Joker's Stash. The Secret Service claims that since about 2005, Ivanov has been a reliable and long-term provider of money laundering services for high-ranking cybercriminals.

As reported, starting from September 12, US IT sanctions came into force, which prohibit foreign technology companies from providing services in Russia. A number of companies have already restricted their access to Russia, but it is expected that after the sanctions come into force, there will be even more of them.

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