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US Sanctions Russian Crypto Broker Suex for Laundering Millions in Illicit Funds – Bitcoin News

The U.S. Treasury Division has blacklisted Suex, a cryptocurrency dealer based mostly in Russia, for its cash laundering actions. The platform is suspected of processing lots of of hundreds of thousands of {dollars} in crypto transactions associated to scams, ransomware assaults, darknet markets, and the notorious BTC-e alternate.

OFAC Provides Russian Crypto OTC Trade Suex to Blacklist

The Workplace of Overseas Belongings Management (OFAC) of the U.S. Division of the Treasury has added Suex to the Specifically Designated Nationals and Blocked Individuals (SDN) Listing. The transfer, introduced Tuesday, successfully prohibits U.S. residents from participating with the platform. OFAC additionally revealed a listing of cryptocurrency addresses linked to Suex.

The corporate behind the crypto dealer, Suex OTC s.r.o., is an entity registered within the Czech Republic. Nevertheless, it operates primarily from branches within the Russian Federation, together with its workplaces within the capital Moscow and the nation’s second-largest metropolis, Saint Petersburg. It’s believed that Suex maintains presence elsewhere in Russia, the encircling area, and presumably the Center East as nicely.

US Sanctions Russian Crypto Broker Suex for Laundering Millions in Illicit Funds
Moscow Metropolis

In accordance with a report by blockchain forensics agency Chainalysis, which supported the U.S. government-led investigation, Suex (“Profitable Trade”) provides customers conversion of their cryptocurrency into money and different property at its bodily areas. It’s these providers which have attracted ransomware actors, scammers, and darknet market operators which have allegedly despatched over $160 million in bitcoin (BTC) to the over-the counter (OTC) crypto dealer.

US Sanctions Russian Crypto Broker Suex for Laundering Millions in Illicit Funds
Supply: Chainalysis

Since launching in early 2018, Suex has obtained a complete of greater than $481 million in BTC alone, in accordance with alternate charges on the time of switch, and it additionally accepts ether (ETH) and tether (USDT) amongst different cash. Of that quantity, virtually $13 million got here from ransomware operators equivalent to Ryuk, Conti, and Maze. Over $24 million was despatched by crypto scams together with the Finiko Ponzi scheme, greater than $20 million originated from darknet markets just like the Russian Hydra Market, and one other $20 million got here from mixers, Chainalysis detailed.

The OTC dealer additionally acquired greater than $82 million from “high-risk” digital asset buying and selling platforms. In accordance with the investigation, Suex obtained over $50 million price of cryptocurrency from addresses related to the now defunct BTC-e. Though the alternate was shut down 4 years in the past for facilitating large-scale cash laundering on behalf of cybercriminals, the funds have been despatched to the crypto dealer after that, seemingly by former directors, associates, or customers.

US Sanctions Russian Crypto Broker Suex for Laundering Millions in Illicit Funds
Supply: Chainalysis

One of many alleged operators of BTC-e, Russian IT specialist Alexander Vinnik who was arrested in Greece in the summertime of 2017, was sentenced by a French courtroom final December to 5 years in jail for cash laundering. One other Russian nationwide, Dmitry Vasiliev, who managed BTC-e’s successor platform, Wex, was not too long ago arrested in Poland. Earlier this week somebody moved over $30 million price of ether from a Wex pockets.

What are your ideas on the blacklisting of Russian crypto OTC dealer Suex? Inform us within the feedback part under.

Tags on this story
addresses, Bitcoin, Blacklist, branches, dealer, BTC-e, Crypto, Crypto Dealer, Cryptocurrencies, Cryptocurrency, Cybercrime, Darknet Markets, ether, Trade, Exchanges, Finiko, illicit funds, Cash Laundering, OFAC, Places of work, OTC, OTC dealer, Funds, ransomware, Russia, russian, sanction, Sanctions, Scams, sdn listing, Suex, Tether, transactions, Treasury, U.S., US, Wex

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