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The Financial Crimes Enforcement Network sanctioned PM2BTC, a Russian virtual currency exchanger associated with Sergey Sergeevich Ivanov, as being a money-laundering concern in connection with illicit finance.
Details: The Office of Foreign Assets Control is also sanctioning Ivanov and Cryptex, a virtual currency exchange registered in St. Vincent and the Grenadines that provides financial services to cybercriminals. Cryptex advertises its virtual currency services in Russian and has received more than $51.2 million in funds derived from ransomware attacks, plus another $720 million associated with dark web fraud shops and cryptocurrency mixers.
ICBA View: ICBA has serious concerns regarding threats posed by cryptocurrency to privacy, consumer protections, and financial stability resulting from increases in money laundering, terrorist financing, and fraudulent activity. Earlier this year, ICBA called on FinCEN to do more to combat crime enabled by cryptocurrency mixers.
More: ICBA supports global efforts to advance international cryptoasset regulation, including the Financial Stability Board’s framework to support consistent regulatory standards and the International Organization of Securities Commissions’ baseline policy recommendations.