The U.S. Government Has Imposed Sanctions on Two Russian Individuals and Two Cryptocurrency Exchanges for Their Alleged Involvement in Money Laundering Activities

Identifying Key Players in Money Laundering FinCEN, a bureau of the Treasury Department, has labeled PM2BTC, a cryptocurrency exchange, as a primary

The United States government has sanctioned two Russian individuals and two cryptocurrency exchanges for their alleged involvement in money laundering activities.

The sanctions were announced on Friday by the U.S. Treasury, Justice, and State Departments, in coordination with international law enforcement agencies. The aim of the sanctions is to disrupt the flow of illicit finances through these crypto platforms.

According to the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN), PM2BTC, a cryptocurrency exchange, has been identified as a primary concern for money laundering activities.

As a result, Sergey Ivanov, who is linked to PM2BTC, and the Cryptex exchange have come under U.S. sanctions. Investigations have revealed that PM2BTC has processed funds originating from ransomware attacks and other illegal sources, with nearly half of its transactions being linked to such activities.

Further investigations have uncovered PM2BTC's collaboration with the Universal Anonymous Payment System (UAPS), a network known for facilitating underground payments. Cryptex, which is registered in St. Vincent and the Grenadines but primarily operates in Russia, has been linked to transactions exceeding $720 million.

These transactions involved entities commonly used by cybercriminals, such as mixing services and exchanges that lack robust Know Your Customer (KYC) protocols.

The U.S. Secret Service Cyber Investigative Section, in collaboration with the Netherlands Police and the Dutch Fiscal Intelligence and Investigation Service, played a crucial role in seizing domains and disrupting the infrastructure that supported PM2BTC and Cryptex.

In a separate development, the Eastern Virginia District Court has unsealed documents that charged Sergey Ivanov and Timur Shakhmametov with multiple counts of bank fraud and money laundering.

These charges stem from their involvement with websites that engaged in carding, a practice that involves trading stolen credit card information. The State Department has offered a reward of up to $10 million for information that leads to the arrest or conviction of Ivanov or Shakhmametov.

The hefty reward underscores the severity of the charges and highlights the U.S. government's commitment to combating international financial crimes linked to cryptocurrency networks and money laundering activities.

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