US Government Launches First Case of Cryptocurrency Sanctions Evasion

The United States Department of Justice has filed its first case regarding the use of bitcoin to circumvent sanctions. The defendant reportedly built a payment platform and used it to shift about $10 million in Bitcoin. U.S. Government Launches First Crypto Sanctions Evasion Case. The U.S. Department of Justice has launched its first-ever case involving the use of cryptocurrency to evade sanctions. Defendant Operated Payments Platform The U.S. government is set to bring charges… — Shankar SHIBA (@Shankar_SHIBA_) May 16, 2022 Payments Platform Run by Defendant In the first case of its sort, the US government plans to accuse an unnamed individual of knowingly utilising cryptocurrency to avoid sanctions. The government is bringing charges against an unnamed defendant for running an internet payment network in a sanctioned country, according to an opinion made by the case’s judge. Some of these transactions involve cryptocurrency. According to the court complaint, “The Payments Platform promoted its services as geared to dodge US sanctions, including purportedly untraceable virtual currency transactions.” The defendant also opened an account with a cryptocurrency exchange situated in the United States to buy and sell Bitcoin. They then transferred thousands of dollars to two additional accounts at international exchanges. The defendant used those two accounts to send almost $10 million in Bitcoin between the United States and an u...