OFAC Updates Ransomware Advisory and Sanctions Virtual Currency Exchange

September 27, 2021

On September 21, 2021, the U.S. Department of the Treasury, Office of Foreign Assets Control: (i) issued an updated advisory on potential sanctions risks for facilitating ransomware payments; and (ii) designated SUEX OTC, S.R.O., a virtual currency exchange, on the list of Specially Designated Nationals and Blocked Persons for its role in facilitating financial transactions for ransomware actors.

These actions demonstrate the U.S. government’s increasing focus on virtual currencies as a key means of facilitating ransomware payments and related money laundering, as well as OFAC’s commitment to combating ransomware attacks and other malicious cyber activities.

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