When the financial authorities start to move, it means that scam requests have increased and therefore it is necessary to move and take a position, but such things, despite all the positive aspects in them, may end very badly.
The good news is that most of the referred platforms do not have a lot of resources to continue and therefore they will be discovered easily, but the problem lies in harassing legal platforms or trying to make buying Bitcoin difficult.
Topic: US Department of Treasury takes action against Russian Exchange (Read 146 times)
October 08, 2021, 10:16:00 AM
Flexing their muscles to who?
Perhaps they just want to send a message again that they shouldn't be messed with.
They can't just go to Russian and bring it down, it's very different. So I guess this sanction won't be that effective and I'm sure that the Suex exchange will just continue to run it's business and probably laughing at US DoT regarding the issuance of this sanctions. And as you have said, Russian government will not even lift a finger here regarding the attempt of the US.
I know that, heck this exchanges can just rebrand themselves and then be used by criminals again. Maybe the point of the US is that the government of Russia should at least look at how this fly by night exchanges have been used and abused within their jurisdiction and outside.
But still doesn't make sense though, they don't have jurisdiction to this Russian exchanges.
And how many times that US takes action not just in crypto but in general and send notices to country that they have suspected harboring a criminal?
Maybe they think that Suex will be affected by this, but for sure their business model will continue as they are raking big money.
October 08, 2021, 09:39:30 AM
And we all know that Russian government won't take any actions against such entities unless they targeted Russian citizens.
yes this is a good point, indeed the United States is famous for suppressing other countries, if they think it's contradictory, I'm sure it won't work.Anyway how the United States took over the law against exchanges in Russia, weird, seriously, they think Russia is stupid in the rules and make crypto exchange laws in russia, Of course they're not like that, the Russians are better than them in every way, that's what America's behavior is.
Talk about the actions of criminal networks, conspiring, of course the Russians know better than them, Lol.
America considers itself to be a superpower, so he likes to do whatever he wants, wait, that's not the case anymore, it used to be possible yes, now it's not.
October 08, 2021, 07:55:48 AM
Flexing their muscles to who?
Perhaps they just want to send a message again that they shouldn't be messed with.
They can't just go to Russian and bring it down, it's very different. So I guess this sanction won't be that effective and I'm sure that the Suex exchange will just continue to run it's business and probably laughing at US DoT regarding the issuance of this sanctions. And as you have said, Russian government will not even lift a finger here regarding the attempt of the US.
I know that, heck this exchanges can just rebrand themselves and then be used by criminals again. Maybe the point of the US is that the government of Russia should at least look at how this fly by night exchanges have been used and abused within their jurisdiction and outside.
September 27, 2021, 07:46:40 AM
If you are interested, then read the Russian version.
https://thebell.io/russkie-kriptootmyvateli-kak-ustroen-biznes-popavshego-pod-sanktsii-obmennika-suex ( RUS)
In 2018, this market in Russia was not controlled, there were not even analytical services. Any exchanger can be accused of having connections with criminals, because the exchangers did not have the opportunity to check the received bitcoins and other coins.
https://thebell.io/russkie-kriptootmyvateli-kak-ustroen-biznes-popavshego-pod-sanktsii-obmennika-suex ( RUS)
In 2018, this market in Russia was not controlled, there were not even analytical services. Any exchanger can be accused of having connections with criminals, because the exchangers did not have the opportunity to check the received bitcoins and other coins.
hero member
Activity: 2660
Merit: 651
Want top-notch marketing for your project, Hire me
September 26, 2021, 03:29:38 PM
I don't know how concrete is the evidence and the reason behind the US department of treasury but the exchange in subject seems to be an amateur exchange and when I check their terms and condition "Before using our Services you shall provide express consent to process your personal data including, but not limited to your name, address, phone, email, Skype ID a" it look like a centralized exchange.
Having said that, I think the Russian government need to do something about this issue for the benefit of all crypto users.
Having said that, I think the Russian government need to do something about this issue for the benefit of all crypto users.
September 26, 2021, 03:09:07 PM
Quote
WASHINGTON — As part of the whole-of-government effort to counter ransomware, the U.S. Department of the Treasury today announced a set of actions focused on disrupting criminal networks and virtual currency exchanges responsible for laundering ransoms, encouraging improved cyber security across the private sector, and increasing incident and ransomware payment reporting to U.S. government agencies, including both Treasury and law enforcement. Treasury’s actions today advance the United States government’s broader counter-ransomware strategy, which emphasizes the need for a collaborative approach to counter ransomware attacks, including partnership between the public and private sector and close relationships with international partners.
https://home.treasury.gov/news/press-releases/jy0364
So as part of US anti ransomware strategy, they imposed a sanctioned against a Russian based crypto exchange name SUEX who according to them are abetting criminals. Because 40% of the incoming and outgoing transactions come from ransomware "operators such as Ryuk, Conti, and Maze, and other scams involving bitcoin and other cryptocurrencies as well.
Not sure how effective this is, but just maybe flexing their muscle again. And we all know that Russian government won't take any actions against such entities unless they targeted Russian citizens.
I read that some exchanges have already banned user accounts if there were interactions with this exchanger in their transaction history.
This is an additional reason for exchanges to collect money from their users.
September 26, 2021, 11:37:48 AM
Quote
WASHINGTON — As part of the whole-of-government effort to counter ransomware, the U.S. Department of the Treasury today announced a set of actions focused on disrupting criminal networks and virtual currency exchanges responsible for laundering ransoms, encouraging improved cyber security across the private sector, and increasing incident and ransomware payment reporting to U.S. government agencies, including both Treasury and law enforcement. Treasury’s actions today advance the United States government’s broader counter-ransomware strategy, which emphasizes the need for a collaborative approach to counter ransomware attacks, including partnership between the public and private sector and close relationships with international partners.
https://home.treasury.gov/news/press-releases/jy0364
So as part of US anti ransomware strategy, they imposed a sanctioned against a Russian based crypto exchange name SUEX who according to them are abetting criminals. Because 40% of the incoming and outgoing transactions come from ransomware "operators such as Ryuk, Conti, and Maze, and other scams involving bitcoin and other cryptocurrencies as well.
Not sure how effective this is, but just maybe flexing their muscle again. And we all know that Russian government won't take any actions against such entities unless they targeted Russian citizens.
September 26, 2021, 07:27:17 AM
Wow, they actually went ahead and did it, huh. Never heard of this exchange, but I'm not surprised they went after the Russians first.
(Formerly) China-based exchanges are probably one of the worst "offenders" if we're talking about AML/KYC negligence, but that's a hornet's nest the US might not want to go after before getting experience on Russian exchanges.
@cafucafucafu: My money's on Yobit up next!
(Formerly) China-based exchanges are probably one of the worst "offenders" if we're talking about AML/KYC negligence, but that's a hornet's nest the US might not want to go after before getting experience on Russian exchanges.
@cafucafucafu: My money's on Yobit up next!
September 25, 2021, 02:29:13 AM
SUEX is a Russian cryptocurrency exchange. I just learned today that there is a Russian cryptocurrency exchange 
After studying the site, I realized that this is an ordinary exchanger, of which several hundred can be found on the Russian Internet.
These sanctions will not harm this exchanger in any way, because they are constantly opening and closing.
I do not know of a single exchanger that would be officially registered in Russia, because this is not possible. Major amendments to the law on digital financial assets have not yet been adopted.
After studying the site, I realized that this is an ordinary exchanger, of which several hundred can be found on the Russian Internet.
These sanctions will not harm this exchanger in any way, because they are constantly opening and closing.
I do not know of a single exchanger that would be officially registered in Russia, because this is not possible. Major amendments to the law on digital financial assets have not yet been adopted.
September 24, 2021, 04:43:27 PM
Not sure about this.
They could be prosecuting a lot of other exchanges that are unregulated but have been operating for quite a while now.
For instance, HitBTC and Yobit are serial offenders but they don't seem to be slapped with penalties left and right. Is enforcement of regulations just purely arbitrary now?
They could be prosecuting a lot of other exchanges that are unregulated but have been operating for quite a while now.
For instance, HitBTC and Yobit are serial offenders but they don't seem to be slapped with penalties left and right. Is enforcement of regulations just purely arbitrary now?
September 24, 2021, 03:32:57 AM
Flexing their muscles to who?
They can't just go to Russian and bring it down, it's very different. So I guess this sanction won't be that effective and I'm sure that the Suex exchange will just continue to run it's business and probably laughing at US DoT regarding the issuance of this sanctions. And as you have said, Russian government will not even lift a finger here regarding the attempt of the US.
They can't just go to Russian and bring it down, it's very different. So I guess this sanction won't be that effective and I'm sure that the Suex exchange will just continue to run it's business and probably laughing at US DoT regarding the issuance of this sanctions. And as you have said, Russian government will not even lift a finger here regarding the attempt of the US.
September 23, 2021, 04:36:55 AM
Quote
WASHINGTON — As part of the whole-of-government effort to counter ransomware, the U.S. Department of the Treasury today announced a set of actions focused on disrupting criminal networks and virtual currency exchanges responsible for laundering ransoms, encouraging improved cyber security across the private sector, and increasing incident and ransomware payment reporting to U.S. government agencies, including both Treasury and law enforcement. Treasury’s actions today advance the United States government’s broader counter-ransomware strategy, which emphasizes the need for a collaborative approach to counter ransomware attacks, including partnership between the public and private sector and close relationships with international partners.
https://home.treasury.gov/news/press-releases/jy0364
So as part of US anti ransomware strategy, they imposed a sanctioned against a Russian based crypto exchange name SUEX who according to them are abetting criminals. Because 40% of the incoming and outgoing transactions come from ransomware "operators such as Ryuk, Conti, and Maze, and other scams involving bitcoin and other cryptocurrencies as well.
Not sure how effective this is, but just maybe flexing their muscle again. And we all know that Russian government won't take any actions against such entities unless they targeted Russian citizens.
Jump to: