USA for the first time imposed sanctions against a cryptocurrency platform

For the first time, the US authorities impose sanctions on a cryptocurrency exchange platform – SUEX OTC, SRO About this it says in a press release from the US Treasury. The department associates this step with the fight against extortion.

SUEX “facilitated the transactions” with the movement of funds obtained by eight different types of extortion, it said. Analysis of known SUEX transactions shows that over 40% of known SUEX transactions involve criminal activity.

It is noted that such restrictive measures, applied for the first time, are carried out with the assistance of the FBI. The Ministry of Finance noted that the work of SUEX is extremely important for ransomware organizing cyberattacks.

The Ministry of Finance explained that the sanctions imply a freeze of all SUEX assets under US jurisdiction, as well as a ban on American citizens from doing business with this platform. In addition, any structures that are 50% or more owned by persons falling under the sanctions are blocked in the same way. Financial institutions and other organizations that carry out transactions with sanctioned entities and persons may also become subject to restrictive measures, transfers Interfax.

According to a press release, in 2020 the ransomware was paid more than $ 400 million in total – more than four times more than in 2019.

“In addition to the millions of dollars spent on ransom or recovery (after cyber attacks), the failure of critical sectors, including finance, health and energy, as well as the disclosure of confidential information, can cause serious damage,” the Finance Ministry concluded.