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FinCEN, OFAC, Justice Department Target Russian VASPs, Money Launderers

U.S. officials and federal prosecutors joined with Dutch authorities Thursday in taking action against three cryptocurrency exchanges and other platforms and individuals for allegedly helping Russian cybercriminals and other parties launder funds and evade sanctions. As part of the joint action, the U.S. Financial Crimes Enforcement Network named PM2BTC, an unincorporated cryptocurrency exchange, as a "primary money laundering concern" under section 311 of the Patriot Act, a status that bars other institutions from handling "certain transmittals" of convertible virtual currencies, also known as CVCs, for the platform. "FinCEN acknowledges that, at this time, there are technological limitations that may limit...

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