The US Treasury has stated that a court ruling is unnecessary in the lawsuit concerning the sanctions imposed on Tornado Cash, as it has been removed from the sanctions list. Tornado Cash was sanctioned in August 2022, reportedly for facilitating money laundering linked to North Korean hackers. After a favorable court ruling, the Treasury delisted ...
The U.S. Treasury has lifted sanctions on Tornado Cash, a crypto mixer previously accused of laundering billions tied to criminal activities. This decision follows a judicial ruling questioning the Treasury’s authority to impose such sanctions, despite ongoing concerns about the misuse of the platform. Tornado Cash has been at the center of controversy due to ...
Russia is turning to cryptocurrencies to overcome issues with the ruble, including problems with convertibility, payment delays due to Western sanctions, and fluctuations in exchange rates. Although crypto could help in financing some activities, its widespread use in international trade is still uncertain, as many of Russia’s partners are cautious. Following the invasion of Ukraine, ...
Russia is increasingly using cryptocurrencies for oil transactions with China and India to bypass Western sanctions, according to Reuters. Although this approach currently accounts for a small portion of Russia’s $192 billion annual oil trade, its use is on the rise. Chinese and Indian buyers pay intermediary firms in local currencies, which are converted into ...
Russian companies are increasingly turning to cryptocurrencies, like Bitcoin and USDt, for trade with China and India amid international sanctions. Reports indicate that Russian oil firms are employing digital assets to facilitate substantial transactions, sometimes reaching tens of millions of dollars monthly. These transactions involve intermediaries who manage offshore accounts, converting payments into cryptocurrencies that ...
The U.S. Secret Service has taken significant action against the Russian cryptocurrency exchange Garantex, which is accused of supporting money laundering and violating sanctions. On March 6, they seized three of Garantex’s website domains and froze over $26 million in cryptocurrency linked to illegal activities. This move comes after Garantex reportedly processed around $96 billion ...
Tether, the company behind the stablecoin USDt, has frozen $27 million in funds on the Garantex crypto exchange, which is now facing operational suspension. Garantex, sanctioned by the European Union due to its links to Russia’s ongoing conflict with Ukraine, reported that it has paused all services, including withdrawals, while its website undergoes maintenance. The ...
Russian businesses are increasingly using bitcoin and other cryptocurrencies for international payments due to new laws that help them bypass Western sanctions. This trend follows sanctions imposed after Russia’s invasion of Ukraine, which made trading with countries like China and Turkey more challenging. Russian Finance Minister Anton Siluanov mentioned that these crypto transactions are already ...
Russian businesses have started using bitcoin and other cryptocurrencies for international payments, a shift made possible by recent legal changes that help them bypass western sanctions. Following the sanctions imposed after Russia’s invasion of Ukraine in 2022, trading with countries like China and Turkey became challenging. Russian Finance Minister Anton Siluanov announced that the country ...
Russian companies are turning to Bitcoin and other cryptocurrencies for international payments due to Western sanctions. With Chinese banks significantly reducing their transaction support for Russia over concerns about access to U.S. financial markets, the use of digital currencies has become increasingly important. Russian Finance Minister Anton Siluanov confirmed that domestically mined Bitcoin is being ...
