FinCEN, OFAC sanction crypto platforms linked to Russia, cybercrime

U.S. and European law enforcement agencies have announced sanctions against two Russia-linked cryptocurrency platforms in their ongoing chase to snuff out Russian-linked financial platforms that assist cybercriminals.

Cybercrime platforms, like PM2BTC, which was the target of an order by the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN) Wednesday, and Cryptex, sanctioned by the Treasury’s Office of Foreign Assets Control (OFAC), are a threat to national and international security, by allowing criminals to launder ransomware proceeds from hacks of U.S. businesses and institutions, the agencies said.

Both platforms are tied to Sergey Sergeevich Ivanov, a Russian citizen sanctioned by OFAC who for 20 years has allegedly laundered hundreds of millions of dollars in virtual currency resulting from cyberattacks and darknet transactions, including those linked to Genesis Market.