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OFAC Escalates Russian Sanctions Itemizing Bitcoin Addresses, US Treasury Crypto Crackdown Rumors Unfold

04/18/2021
OFAC Escalates Russian Sanctions Listing Bitcoin Addresses, US Treasury Crypto Crackdown Rumors Spread

Rumors in regards to the U.S. Treasury cracking down on a number of monetary establishments over cash laundering has been spreading like wildfire on social media and boards. There’s been no formal announcement from the U.S. entity and at this stage, the information is broadly thought-about FUD. Nevertheless, some are assuming the rumour stems from the current Russian sanctions announcement final Thursday. On April 15, the U.S. Treasury printed a press launch explaining authorities escalated sanctions in opposition to the Russian authorities and the announcement touches upon using cryptocurrency addresses for illicit transactions.

U.S. Treasury Rumors Flood Social Media, OFAC Cracks Down on 16 Teams That Allegedly Leveraged Crypto Belongings

On social media and cryptocurrency boards, rumors have unfold in regards to the U.S. authorities cracking down on the crypto business. As an illustration, a Twitter account known as “Fxhedge” tweeted in regards to the U.S. Treasury on Sunday, April 17.

“U.S. Treasury to cost a number of monetary establishments for cash laundering utilizing cryptocurrencies -sources,” the tweet declared. The tweet has been retweeted over 5,000 instances because it was printed and nobody can reply to the tweet. The so-called “sources” will not be talked about within the tweet both, and there may be little or no data backing up the declare.

OFAC Escalates Russian Sanctions Listing Bitcoin Addresses, US Treasury Crypto Crackdown Rumors Spread

There was no official affirmation of this information as of press time, however the rumors have been spreading wildly on Twitter and Reddit. On the time of publication, a large number of crypto advocates regard the Treasury crackdown rumour as FUD.

OFAC Escalates Russian Sanctions Listing Bitcoin Addresses, US Treasury Crypto Crackdown Rumors Spread

In the meantime, some speculators have mentioned that the rumour may need to do with the current U.S. sanctions in opposition to the Russian authorities and some worldwide organizations. The U.S. Treasury printed a press launch on Thursday afternoon explaining that the entity and the Workplace of Overseas Belongings Management (OFAC) cracked down on 16 entities and 16 people. The press launch says that these teams and folks below the management of Russian officers tried to sway the U.S. election in 2020.

Furthermore, digital currencies have been allegedly used in line with the press releases. The U.S. Treasury’s announcement states:

As a part of right now’s itemizing of SES on OFAC’s Specifically Designated Nationals and Blocked Individuals Record (SDN Record), OFAC can also be figuring out digital forex addresses utilized by SES to meet buyer orders so as to assist help monetary establishments, and their third-party identification verification providers, in figuring out prospects on their platforms who’ve bought fraudulent identification paperwork.

‘Cryptocurrencies Are a Specific Concern,’ Says Janet Yellen

As bitcoin (BTC) and the crypto financial system swells, quite a few skeptics assume the U.S. authorities will assault the financial system with the whole lot it could do to cease it from rising. Billionaire hedge fund supervisor, Ray Dalio not too long ago mentioned there was chance of the U.S. doing this much like when it outlawed gold in 1933. This previous Tuesday, Treasury Division lead Janet Yellen spoke about cryptocurrencies and advised the Senate Finance Committee and Senator Maggie Hassan she is worried.

“Cryptocurrencies are a selected concern. I feel many are used— at the least in a transactions sense— primarily for illicit financing,” Yellen remarked. “[The U.S. government should] look at methods during which we are able to curtail their use and make it possible for [money laundering] doesn’t happen via these channels,” Yellen added on April 13, 2021.

OFAC Escalates Russian Sanctions Listing Bitcoin Addresses, US Treasury Crypto Crackdown Rumors Spread
OFAC’s crypto deal with listing reveals BTC, ETH, LTC, and BCH addresses.

Along with the U.S. Treasury’s current press launch regarding so-called Russian Overseas Intelligence Service meddling and the Solarwinds cyberattack, the Treasury’s OFAC printed a listing of crypto addresses that authorities imagine are behind these ostensible assaults.

Authorities entities, pundits, and mainstream media have relentlessly tried to tether cryptocurrencies to felony conduct and illicit transactions. Regardless of the various reviews that present blockchains will not be enticing to criminals and cash laundering is much simpler with untraceable U.S. {dollars}.

What do you consider the current rumors in regards to the U.S. Treasury crackdown and the OFAC press launch regarding Russian intelligence utilizing cryptos? Tell us what you consider this topic within the feedback part under.