Tagged: us department of treasury

March 21, 2025 @ 11:47 am By JD Alois  |  

The US Department of Treasury has announced that it has removed the economic sanctions applied to Tornado Cash, a crypto mixer. Tornado Cash, a decentralized platform, enables users to cloak crypto activity to a certain degree. In 2222, Treasury’s Office of Foreign Assets Control (OFAC)… Read More

March 12, 2025 @ 5:20 pm By JD Alois  |  

FinCEN, the enforcement arm of the US Department of Treasury, is taking an interesting approach to battling nefarious activities occurring the the US. According to a public statement, FinCEN is gunning for Mexican cartels who utilize money services businesses in the Southwest of the country…. Read More

March 7, 2025 @ 9:45 am By JD Alois  |  

Today, a group of crypto-related executives and insiders are meeting at the White House to discuss the future of digital assets. Fox News shared a list of the individuals invited to the summit. These include mostly CEOs from top digital asset firms: Gemini Ripple Anchorage… Read More

March 5, 2025 @ 3:06 pm By Omar Faridi  |  

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Iran-based Behrouz Parsarad, the sole administrator of Nemesis, an online darknet marketplace, which was subject of an international law enforcement operation and “was taken down in 2024.” Prior to its takedown by… Read More

March 4, 2025 @ 2:46 pm By JD Alois  |  

The Small Business and Entrepreneurship Council (SBE Council) says the suspension of the Corporate Transparency Act (CTA) Beneficial Ownership Information (BOI) mandate is a massive win for smaller firms. The CTA was aggressively pursued during the Biden Adminstration, placing an unrealistic burden on smaller firms. Yesterday, Secretary of… Read More

February 11, 2025 @ 8:16 am By JD Alois  |  

The US Department of the Treasury, Office of Foreign Assets Control (OFAC), has partnered with Australia and the UK to sanction Zservers as it is an enabler of LockBit, a Russian ransomware group. LockBit is said to be the culprit in the attack against the… Read More

January 17, 2025 @ 10:57 am By JD Alois  |  

China state-affiliated entities have been hacking both public and private organizations in the US for years now. This is part of China’s goal to usurp the US as the world’s top superpower.  In an embarrassing revelation, the US Department of Treasury was hacked, including, apparently,… Read More

December 31, 2024 @ 5:23 pm By JD Alois  |  

The Internal Revenue Service (IRS) has posted final regulations regarding information reporting by brokers who affect transactions of digital assets. These regulations become effective on February 28, 2025. Last week, a bipartisan group of US House of Representatives members forwarded a letter to the US… Read More

December 30, 2024 @ 9:43 am By JD Alois  |  

On Friday, Representative Patrick McHenry, the outgoing Chairman of the House Financial Services Committee, sent a parting shot to Secretary of the Treasury Janet Yellen regarding her profound failure to enable the emerging digital asset sector. The letter was signed by both Republicans and Democrats, displaying a… Read More

December 17, 2024 @ 12:42 pm By JD Alois  |  

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has announced sanctions against two individuals and a single entity regarding money laundering to the benefit of North Korea. OFAC says that Lu Huaying and Zhang Jian, working out of the UAE and… Read More

November 27, 2024 @ 10:01 am By JD Alois  |  

In 2022, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) targeted DeFi crypto mixer Tornado Cash with sanctions, claiming the platform had laundered over $7 billion. At that time, The Under Secretary of the Treasury for Terrorism and Financial Intelligence Brian E. Nelson, claimed: “Today,… Read More

October 28, 2024 @ 11:05 pm By Omar Faridi  |  

On June 28, 2024, the US Treasury Department had released the first of what will “likely” be a few different sets of final regulations relating to digital assets. According to an extensive update from Taxbit, for the most part, this set of finalized rules addresses… Read More

October 1, 2024 @ 10:43 am By JD Alois  |  

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) is sanctioning individuals and entities affiliated with Evil Corp, a cybercriminal operation based in Russia. OFAC is taking the action in partnership with the United Kingdom’s Foreign, Commonwealth & Development Office (FCDO) and… Read More

September 27, 2024 @ 9:34 am By Omar Faridi  |  

On September 26, 2024, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated Russia-based exchange Cryptex and Sergey Sergeevich Ivanov (a.k.a. UAPS a.k.a TALEON), who facilitated laundering “for fraud shops, ransomware payments, darknet markets, and other criminal actors.” Following these developments,… Read More

August 12, 2024 @ 11:53 am By JD Alois  |  

The Financial Technology Association (FTA) has posted a comment letter directed towards the US Department of Treasury in regard to a request for feedback on the use of Artificial Intelligence (AI) in financial services. The FTA advocates on behalf of the benefits of AI, urging… Read More

June 1, 2024 @ 10:38 am By Tony Zerucha  |  

The American Fintech Council, an association representing Fintech companies and BaaS banks, has submitted a response to the US Department of Treasury, Financial Crimes Enforcement Network (FinCEN) Request for Information (RFI) related to existing requirements for banks under the Customer Identification Program (CIP) Rule. The… Read More

May 13, 2024 @ 7:44 am By Omar Faridi  |  

Cloudflare, Inc. (NYSE: NET), the connectivity cloud company, announced a partnership with the United States Department of Treasury and Pacific Northwest National Laboratory (PNNL) under the US Department of Energy in order “to improve the cyber resilience of the financial services industry by sharing an… Read More

April 10, 2024 @ 8:44 am By JD Alois  |  

Yesterday, Deputy Secretary of the Treasury Wally Adeyemo testified before the Senate Banking Committee. In prepared testimony, Adeyemo called out digital assets—or crypto—and stated that bad actors are using these assets for nefarious activities. Adeymo said: “As we take steps to cut terrorist groups and… Read More

March 26, 2024 @ 3:21 pm By Omar Faridi  |  

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned thirteen entities and two individuals for operating in the financial services and technology sectors of the Russian Federation economy “including persons developing or offering services in virtual assets that enable the evasion of… Read More

January 23, 2024 @ 12:22 pm By JD Alois  |  

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Alexander Ermakov for the 2022 ransomware attack against Medibank Private Limited, an Australian insurer. The US worked in concert with Australia and the United Kingdom on the designation. Ermakov is believed… Read More