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US Sanctions Multiple FinTech Firms Over Links With Russia

Published 03/27/2024, 01:00 AM
Updated 03/27/2024, 01:15 AM
US Sanctions Multiple FinTech Firms Over Links With Russia
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  • The U.S. Department of Treasury has sanctioned thirteen firms and two individuals under fresh scrutiny.
  • The sanctioned parties allegedly developed or offered virtual asset services linked to Russia.
  • The Treasury Department believes Russia is turning to alternative payment mechanisms to circumvent U.S. sanctions.

The U.S. Department of Treasury has sanctioned thirteen firms and two individuals in a fresh round of scrutiny. The sanctioned parties allegedly developed or offered virtual asset services linked to Russia, circumventing bans on such activities.

In a recent statement, Brian E. Nelson, the Under Secretary of the Treasury for Terrorism and Financial Intelligence, noted that Russia is increasingly turning to alternative payment mechanisms to circumvent U.S. sanctions. Nelson affirmed that the Treasury will continue to expose and disrupt the companies that seek to help sanctioned Russian financial institutions reconnect to the global financial system.

The sanctioned companies include Moscow-based fintechs B-Crypto, Masterchain, Atomaiz, Veb3 Tekhnologii, and Veb3 Integrator, and Cyprus-based Tokentrust, a majority-owner of Atomaiz.

Bloomberg report…

The post US Sanctions Multiple FinTech Firms Over Links With Russia appeared first on Coin Edition.

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