16 Jan 2023

Russia and Iran explore launch of joint cryptocurrency backed by gold

In light of the advancements in digital assets and the pressures exerted on states, Russia and Iran are now exploring the development of a joint stablecoin that would be backed by gold. The executive director of the Russian Association of the crypto industry and blockchain, Alexander Brazhnikov, revealed that the Central

Read More
12 Dec 2022

Crypto Sanctions & Their Impact on the Cryptocurrency Ecosystem – Crypto 2023

Before 2022, sanctions in crypto sounded somewhat extravagant. While governments around the world have been after this industry for quite a while, it still seemed that cryptocurrencies, by their initial promise of privacy, freedom and censorship resistance, wouldn’t become as politicized as the fiat system. Then 2022 showed how naive

Read More
09 Nov 2022

US Treasury redesignates Tornado Cash sanctions, citing North Korea nuclear weapons program

The United States Treasury Department’s Office of Foreign Asset Control, or OFAC, has amended the sanctions on cryptocurrency mixer Tornado Cash in addition to including two individuals involved in “transportation and procurement activities” for North Korea in its list of specially designated nationals. In a Nov. 8 announcement, the Department of

Read More
04 Nov 2022

Crypto exchange Binance helped Iranian firms trade $8 billion despite sanctions

Crypto giant Binance has processed Iranian transactions with a value of $8 billion since 2018 despite U.S. sanctions intended to cut Iran off from the global financial system, blockchain data show. Almost all the funds, some $7.8 billion, flowed between Binance and Iran’s largest crypto exchange, Nobitex, according to a review

Read More
20 Oct 2022

2 Venezuelans and 5 Russians Accused of Using Cryptocurrency to Evade Sanctions

The United States today announced the takedown of a Russian-Venezuelan network that used Tether (USDT) to trade outside the traditional banking structure, thus evading international sanctions. One of the most discussed geopolitical scenarios for cryptocurrencies is their ability to evade conventional financial restrictions imposed by world powers against their adversaries—but this

Read More
17 Oct 2022

Sanctioning a cryptocurrency protocol: What does that mean for Web3?

In August 2022, the Office of Foreign Assets Control (OFAC) of the United States Treasury Department sanctioned a cryptocurrency “mixer” – programmes used to increase the anonymity of crypto transactions – for its alleged use in money-laundering. It also blacklisted a number of Ethereum addresses associated with the protocol. The

Read More
17 Oct 2022

TempleDAO Hacker Moves Stolen Funds to Sanctioned Crypto Mixer Tornado Cash

According to data from block explorer, Etherscan, the attacker of the TempleDAO hack, has moved the funds stolen via the recently sanctioned crypto mixer, Tornado Cash. This information was first disclosed by blockchain data firm on Sunday, PeckShield. A roughly amount of ETH was seen transferred from an address supposed to

Read More
13 Oct 2022

Have U.S. Crypto Sanctions Gone Too Far?

There’s something alluring about North Korea for those on the edges of the western crypto world. Earlier this year, the hacker Virgil Griffith was sentenced to five years for helping Kim Jong-Un’s government evade sanctions, while Tether, issuer of the third-largest cryptocurrency, has decided to pick a fight over its

Read More
12 Oct 2022

What is the future for cryptocurrency mixers after U.S. sanctions on Tornado Cash?

Cryptocurrency mixers, a software that provides anonymity in crypto transactions, are at the forefront of the latest clash between regulators and the emerging world of digital assets, with legal actions, arrests, counter lawsuits, and North Korean hackers all part of the picture. The U.S. Treasury’s Office of Foreign Assets Control (OFAC)

Read More
11 Oct 2022

In a Record, Crypto Exchange Is Fined $24 Million for Breaking U.S. Sanctions

The cryptocurrency exchange Bittrex was fined $24 million for breaking United States sanctions, the Treasury Department announced on Tuesday, the largest penalty the government has imposed on a crypto business for violating sanctions. Between 2014 and 2017, Bittrex allowed customers in Cuba, Iran, Sudan, Syria and the Crimea region of Ukraine

Read More