• Advertise with us
  • Pricing
  • Submit News
Instagram Twitter Facebook Telegram Youtube Linkedin
EdaFace Newsfeed
EdaFace Newsfeed EdaFace
  • News
    • Price Analysis

    Main News

    • Crypto News
    • Bitcoin and BTC
    • Altcoin News
    • Security & Hacks
    • ICO & Token Sales
    • Interviews & Profiles

    Information

    • Press Release
    • Research Report
    • Regulations, Law & Policy
    • Community/Guest Post
    • Events & Conferences
    • Tutorials & Guides

    Market

    • Technical Analysis
    • Price Analysis
    • Cryptocurrency Price Prediction
    • DeFi (Decentralized Finance)
    • Mining & Staking

    Other Categories

    • NFTs & Digital Art
    • Opinion & Editorials
    • Tech Innovations
  • Cryptocurrencies
    • Coin Ranking
    • Trending
    • EDA Token
  • Exchanges
    • Spot
    • Derivatives
    • DEX
    • EDA Plantation
  • Verification Centre
    • Rug Pull Check
    • Blockchain Ecosystem
    • EDA Token
  • MarketPlaces
    • NFT Marketplace
    • Digital Literature
    • Digital Mall
    • P2P Market
    • Metaverse
  • EDA Academy
More
  • News
    • Price Analysis
  • Cryptocurrencies
    • Coin Ranking
    • Trending
    • EDA Token
  • Exchanges
    • Spot
    • Derivatives
    • DEX
    • EDA Plantation
  • Verification Centre
    • Rug Pull Check
    • Blockchain Ecosystem
    • EDA Token
  • MarketPlaces
    • NFT Marketplace
    • Digital Literature
    • Digital Mall
    • P2P Market
    • Metaverse
  • EDA Academy
Reading: US Treasury Department Launches Cryptocurrency War on Russian Elites
Share
Sign In
EdaFace Newsfeed
EdaFace Newsfeed EdaFace
EdaFace Newsfeed > Latest News > Regulations, Law & Policy > US Treasury Department Launches Cryptocurrency War on Russian Elites
Regulations, Law & Policy

US Treasury Department Launches Cryptocurrency War on Russian Elites

vitalclick
Last updated: December 7, 2024 1:08 am
3 months ago
Share
SHARE

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) is charging five individuals connected to a money laundering network that allowed Russian elites to evade international sanctions. These people, who are associated with the TGR Group, attract attention with financial activities using crypto assets.

TGR Group and Digital Asset Use

The Treasury Department stated that those associated with TGR Group facilitated the financial activities of Russian high-income citizens using digital assets, including the US dollar-backed stablecoin USDT. These activities took place despite restrictions imposed after Russia’s invasion of Ukraine in February 2022.

Money Laundering Activities

The international network is thought to be involved in activities aimed at laundering funds on behalf of sanctioned entities. They have also been reported to provide unregistered services for exchanging cash and cryptocurrencies, providing cash value in the form of crypto to customers.

Real Estate Purchases and Fund Hiding

Group members enabled wealthy Russians to buy property in the UK by offering prepaid credit card services and hiding their sources of funds. These activities were aimed at avoiding US and international sanctions.

The Treasury Department announced that all assets of the blocked individuals in the United States and assets under the control of these individuals have been frozen. It was stated that these assets should be reported to OFAC.

“Through the TGR Group, Russian elites sought to use digital assets, especially US dollar-backed stablecoins, to evade US and international sanctions, thereby further enriching themselves and the Kremlin.” – Bradley T. Smith, Interim Undersecretary for Counterterrorism and Financial Intelligence

These sanctions are expected to increase the effectiveness of sanctioning states in the international financial system. The uncontrolled use of digital assets poses new challenges in the fight against global financial crime.

This step by the Ministry of Treasury is considered as part of its efforts to prevent the use of digital assets for criminal purposes. The sanctions are intended to be effective in preventing the activities of similar networks.

In the future, international cooperation on the regulation and supervision of digital currencies is expected to increase. Such efforts are seen as important steps towards improving the security of the global financial system.

Sanctions are used as an important tool in the fight against financial crimes. Supervising digital assets is critical to ensuring international security. Increasing financial transparency is possible through global cooperation.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.

You Might Also Like

As of February 25, anonymity ends in crypto currency wallets

Trump touch to US crypto currency tax regulation

Cryptocurrency Tax Exemption Makes a Sense, UAE Aims for More

Ripple CEO and Today’s SEC Statements

Breaking News: SEC Chairman and Members Speak, What Did They Say About Cryptocurrencies?

TAGGED:law
Share This Article
Facebook Twitter Email Print
Previous Article Large Transfer of POL Tokens from Wallet Associated with Polygon Founder to Binance
Next Article Cardano (ADA) Poised for 30% Rally, Here’s Why
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Crypto Live Widget

Follow for Live Updates
Subscribe to our newslettern

Get Newest Articles Instantly!

- Advertisement -
Ad imageAd image
Popular News
Cryptocurrency Regulation in Russia : Blockchain Development
Current Cryptocurrency Regulations in India
Explore Cryptocurrency Regulation in South Korea
2 Altcoins Win Trial
Claimed Bitcoin Inventor Craig Wright Gets Shocked in Court! His Assets Are Frozen

Company

  • Vision
  • Mission
  • LitePaper
  • Whitepaper
  • Core Values
  • Branding
  • Teams
  • Career Listing
  • FAQ
  • Welfare Donations

Products

  • EDA Token
  • Blockchain Literature
  • EdaFace Dex
  • EdaFace Mall
  • Listing Platforms
  • Newsfeed
  • NFT Marketplace
  • P2P Market
  • Scam Verification Centre
  • School of Crypto

Legal

  • Term of Use
  • Privacy Policy
  • Disclaimer
  • Listing T&C
  • Listing Platforms
  • Eda Token Policy

Always Stay Up to Date

Subscribe to our newsletter to get our newest articles instantly!

EdaFace

About US

EdaFace is a user interface aggregator that brings all the various functionalities of the crypto industry onto a single platform! You can advertise, launch and crowdfund your crypto project via EdaFace Launchpad and Newsfeed.

Contact us: support@edaface.com

Follow us

Instagram Twitter Facebook Telegram Youtube Linkedin

Copyright © 2022 – 2024. EdaFace is a product of Emerging Digital Age (EDA) Pty Ltd. All Rights Reserved.

Join Us!
Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.
EdaFace
Welcome Back!

Sign in to your account

Lost your password?