Treasury Department rolls out first-ever sanctions against cryptocurrency exchange

By Zach Halaschak

Published September 21, 2021 4:40pm ET

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Treasury Department rolls out first-ever sanctions against cryptocurrency exchange — A collection of bitcoin, litecoin, and ethereum tokens. The Financial Stability Oversight Council, chaired by Treasury Secretary Steven Mnuchin, has set up a working group on cryptocurrencies. The group comprising top federal regulators would examine the potential for speculation on cryptocurrencies to hurt consumers and for the digital currencies to be used for illicit purposes.(Chris Ratcliffe/Bloomberg) | Chris Ratcliffe

The Treasury Department punished a Russian cryptocurrency exchange that allegedly helped cybercriminals carry out ransomware attacks.

Some 40% of cryptocurrency transactions handled by Suex were linked to illegal activity, the Treasury Department’s Office of Foreign Assets Control said in announcing sanctions against it. The exchange allegedly played a role in at least eight ransomware attacks.

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Bitcoin Cryptocurrency Cybersecurity Hacking Janet Yellen Sanctions Treasury Department