Tagged: us department of treasury

US Department of Treasury Sanctions Russian for Hacking Medibank

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Alexander Ermakov for the 2022 ransomware attack against Medibank Private Limited, an Australian insurer. The US worked in concert with Australia and the United Kingdom on the designation. Ermakov is believed… Read More

US Department of Treasury Sanctions Crypto Exchanges, Operators that are Said to Aid Hamas

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has imposed a fifth round of sanctions on Hamas since the October 7 terrorist attack on Israel. According to OFAC, the sanctions have targeted Hamas-affiliated financial exchanges in Gaza, their owners and associates,… Read More

Treasury, IRS Announce that Firms Do Not Have to Report Certain Transactions Involving Digital Assets Until Regulations Are Issued

The Treasury Department and Internal Revenue Service have recently issued an announcement informing businesses that they do “not have to report the receipt of digital assets the same way as they must report the receipt of cash until Treasury and IRS issue regulations.” The Infrastructure… Read More

Sinbad: Another Crypto Mixer Sanctioned by US Department of Treasury

Mixers, or platforms that seek to cover the tracks of crypto movement, are making news again as the US Department of Treasury, Office of Foreign Assets Control (OFAC), has sanctioned Sinbad.io (Sinbad) for helping North Korea (the Democratic People’s Republic of Korea (DPRK)) in its… Read More

US Department of Treasury: FinCEN Joins with Other Regulators Regarding Terrorist Financing Task Force in Regard to Israel War

The Financial Crimes Enforcement Network (FinCEN), part of the US Department of Treasury, has partnered with 12 other global regulatory agencies to form the Counter Terrorist Financing Taskforce – Israel (CTFTI). The members include, Australia, Canada, Estonia, France, Germany, Israel, Liechtenstein, Luxembourg, the Netherlands, New… Read More

More Warnings About Cyber Scams

It seems like just about everyone, in both the private and public sectors, is issuing notes of caution in regard to cyber-scams and online fraud during this holiday season. While digital technology, including Fintech, has been a boon for consumers and businesses, it has already… Read More

US Secretary of the Treasury Janet L. Yellen Calls Binance Settlement a Historic Action

In a press event this afternoon, US Secretary of the Treasury Janet Yellen called the settlement with Binance a historic action by the agency. In total, Binance is expected to pay $4.3 billion in penalties for its past actions. At the same time, Binance will… Read More

Largest in History: CFTC, US Department of Treasury Reveal Details of Binance Settlement, Crypto Exchange to Exit US

As was reported earlier today, Binance has settled charges in a comprehensive manner, paying total penalties of $4.3 billion, described as the largest settlement of its kind ever. Binance is noted as the largest crypto exchange in the world, handling approximately 60% of centralized digital… Read More

US Department of Treasury Sanctions Russian National for Using Crypto to Launder Funds

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned Russian national Ekaterina Zhdanova for utilizing crypto to launder and move money on behalf of “Russian elites.” Strict sanctions have been enacted by the US and other nations following Russia’s unprovoked… Read More

Chairman of House Financial Services Committee Slams US Department of Treasury’s ESG Over-reach

Yesterday, the Secretary of the Treasury Janet Yellen, announced its ambitions in regard to “net zero financing and investment,” outlining their goal of net zero commitments and how they can compel financial services firms to adhere to their ideology. Secretary Yellen said: “Going forward, the… Read More

IRS, US Department of Treasury Announce Proposed Rules on Digital Assets Transactions and Taxes, Chair of House Financial Services Committee Slams the Draft Regulations

The US Department of Treasury and the Internal Revenue Service (IRS) have announced proposed rules for the handling of digital assets and the sale and exchange of crypto. In a public statement, the two federal entities said the move was an effort to “crackdown on… Read More

Crypto Council for Innovation Comments on US Department of Treasury Report on DeFi

Earlier today, the US Department of Treasury posted a report on DeFi entitled “2023 DeFi Illicit Finance Risk Assessment.”  For the first time, Treasury addressed the concept of DeFi  – a sector of digital assets that engenders challenges for regulators. Treasury noted that DeFi is… Read More

US Department of Treasury Hammers DeFi: “Criminals … are using DeFi services in the process of laundering illicit funds”

DeFi, or decentralized finance, took fire from the US Department of Treasury today as part of an ongoing policy attack targeting the crypto industry. Treasury published the “2023 DeFi Illicit Finance Risk Assessment,” the first report on DeFi that outlines the risk of the popular… Read More

Genesis Market, an Online Marketplace for Stolen Information and Hive of Ransomware Operations, Taken Down by International Enforcement Agencies

Operation Cookie Monster Genesis Market, a dark web operation that catered to criminals looking for stolen identities to pilfer bank accounts or pursue ransomware operations, has been taken down in a coordinated operation that involved many different enforcement agencies around the world. The Federal Bureau… Read More

Senate Banking Committee Meets to Disscus Bank Failures, Regulatory Shortcomings

Today, the US Senate Banking Committee will meet to discuss the recent calamitous events in the banking sector. Multiple banks have experienced bank runs, and several have been taken over as these firms fell prey to poor management in regard to interest rate risk, and… Read More

Yellen Comments on US Banking System: The Situation is Stabilizing

US Secretary of the Treasury, Janet Yellen, addressed the American Bankers Association today, tackling the topic on everyone’s mind. The precarious financial services industry and the possibility for contagion. The collapse of multiple banks in the US has now spread to Europe. This past week,… Read More

UK FCA, US Department of Treasury & Federal Reserve, Issue Statements on UBS Takeover of Credit Suisse

Several government entities have commented on UBS’s recently announced takeover of Credit Suisse. The acquisition was supported by the Swiss government. Credit Suisse faced a crisis of confidence this past week, which could have spilled over into this coming week. Swiss government officials worked to… Read More

Treasury, FDIC, Federal Reserve Announce Action to Protect All Deposits at Silicon Valley Bank, Signature Bank in New York

The US Department of Treasury, FDIC and Federal Reserve have joined to protect all account holders at the Silicon Valley Bank (NASDAQ:SIVB), which was taken over by the federal government on Friday. The exceptional action means that accounts holding over $250,000 will have access to… Read More

Treasury Undersecretary Discusses Digital Assets, Other Current Topics in Speech

Jay Shambaugh, the Under Secretary for International Affairs at the US Department of Treasury, delivered a speech today in front of the Institute of International Bankers’ conference. In the presentation, Shambaugh addressed a litany of hot topics that covered Fintech, including digital assets, as well… Read More

Senator Sherrod Brown, Chair of Banking Committee, Sends Letter to Treasury Secretary Yellen Addressing FTX Debacle

Senator Sherrod Brown, Chairman of the Senate Banking Committee, has sent a letter to the US Department of Treasury Secretary Janet Yellen expressing his concerns following the bankruptcy filing of FTX. The crypto exchange, once one of the largest crypto exchanges in the world, filed… Read More

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