U.S. Treasury warns crypto industry on preventing sanctions violations


FILE PHOTO: The U.S. Treasury building is seen in Washington, September 29, 2008. REUTERS/Jim Bourg

October 15, 2021

WASHINGTON (Reuters) – In its broad effort to reduce the use of crypto currencies in the payment of ransomware demands, the U.S. Treasury said on Friday that the crypto community is responsible for making sure they do not directly or indirectly help facilitate deals that are prohibited by U.S. sanctions.

“The virtual currency industry, including technology companies, exchangers, administrators, miners, wallet providers, and users, plays an increasingly critical role in preventing sanctioned persons from exploiting virtual currencies to evade sanctions and undermine U.S. foreign policy and national security interests,” Treasury said in new guidance.

(Reporting by Chris Sanders; Editing by Chizu Nomiyama)

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