How 2022’s Biggest Cryptocurrency Sanctions Designations Affected Crypto Crime
Contents
Agencies like the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury and its equivalents in other countries implement sanctions through the targeting of countries, regimes, individuals, and entities that are considered threats to national security and foreign policy. Traditionally, sanctions enforcement relies on the cooperation of mainstream financial institutions, but some bad actors have turned to cryptocurrency to circumvent these third party intermediaries, giving policymakers and sanctioning bodies new challenges with which to grapple. However, cryptocurrency’s inherent transparency, along with the willingness of compliant cryptocurrency services — in particular, the many centralized exchanges that function as the link between crypto and fiat — have demonstrated that sanctions enforcement is possible in the crypto world.
In this section, we’ll look at how the U.S. government’s crypto-related sanctions strategy has evolved over time, examine the types of entities that it has sanctioned so far, and analyze the impact …
In this section, we’ll look at how the U.S. government’s crypto-related sanctions strategy has evolved over time, examine the types of entities that it has sanctioned so far, and analyze the impact …