On Friday, the Office of Foreign Assets Control (OFAC) revealed that an Irish citizen played a role in assisting affluent Russians in evading sanctions and concealing funds in the United Arab Emirates (UAE).
CoinDesk has made efforts to contact both Binance and the Justice Department in order to obtain their respective comments.
The Taliban have finally outlawed cryptocurrency in Afghanistan, although many users and dealers consider this to be one of the 'worst' government choices to date.
According to a high-ranking official from Russia's finance ministry, authorities are considering the use of digital currencies for foreign payments. Cryptocurrency may be used in barter dealings with overseas partners if it is recognized as property, he said.
The DOJ has filed its first criminal lawsuit against an American who allegedly utilized cryptocurrencies to evade US sanctions. 'The payments site offered its services as a way to get around US restrictions, including apparently untraceable virtual currency transfers.'
Failure to enforce sanctions against Russia in accordance with the larger financial services industry will cost the crypto sector dearly.