US Targets $17B Russian Crypto Network Over USDT Sanctions Evasion
US officials just broadened sanctions on a massive Russian network accused of using Tether to move funds illegally.
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Key takeaways
- OFAC expanded blocking sanctions against a $17 billion Russia-linked crypto network.
- The illicit payment network relied on Tether (USDT) to evade international sanctions.
- FinCEN proposed additional rules targeting sub-agent transfers to block secondary loopholes.
US Treasury officials are dropping the hammer on a huge Russian crypto web accused of shuffling $17 billion through Tether (USDT) to sidestep Western sanctions.
On Oct. 1, the Office of Foreign Assets Control (OFAC) broadened its blocking sanctions to hit more of the entities keeping this payment pipeline running. Cut off from traditional global banks, Russian groups turned to the dollar-pegged stablecoin as a quick workaround.
FinCEN wants in on the action, too. The Financial Crimes Enforcement Network put forward a fresh rule targeting sub-agent transfer restrictions, aiming to plug the hidden back-door channels used to slip funds beneath the surface.
Why it matters
When stablecoins get dragged into messy geopolitical fights, the whole market feels the heat. Extra sanctions pressure on USDT means centralized exchanges will force stricter identity checks and flag cross-border transfers a lot faster. If you trade on centralized platforms, brace yourself—compliance hoops are only getting taller.
Source: CryptoSlate
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