sanctions

According to Jinshi, the U.S. Treasury Department's Office of Foreign Assets Control has imposed sanctions on the gold trading company Jood SARL (headquartered in Lebanon).

According to the Financial Times, the EU has proposed a comprehensive ban on all cryptocurrency transactions with Russia to prevent sanctions evasion.

According to Newspim, Lee Chan-jin, the head of the Financial Supervisory Service (FSS) of South Korea, stated that the "Bitcoin misdelivery incident" at Bithumb is a serious event that undermines the credibility of cryptocurrency exchanges. He pointed out that Bithumb actually holds only about 42,000 bitcoins, and this misdelivery exposed the severe risks of "bookkeeping transactions" trading fictitious assets without security guarantees.He emphasized that if the investigation confirms illegal negligence, the highest level of sanctions will be imposed, including fines and business suspensions. He also suggested adding provisions for revocable or restricted access licenses in the future "Basic Law on Digital Assets" to strengthen the regulation of internal controls at exchanges.The incident occurred on February 6, when Bithumb mistakenly distributed 2,000 bitcoins to each of 249 customers as rewards (originally intended to be 2,000 Korean won), totaling 620,000 bitcoins, which was valued at approximately 61 trillion won (about 45 billion USD) at the time. Bithumb intercepted the transactions within 20 minutes, but 125 bitcoins were still sold.

According to the U.S. Department of the Treasury, the Office of Foreign Assets Control (OFAC) has sanctioned two digital asset exchanges, Zedcex Exchange and Zedxion Exchange, for the first time due to their connections with Iranian businessman Babak Morteza Zanjani. This marks the first time that OFAC has sanctioned digital asset exchanges for operating in the Iranian economic and financial sector.Since its registration in August 2022, Zedcex has processed over $94 billion in transactions. Multiple addresses from these two exchanges have previously handled funds for wallets associated with the Islamic Revolutionary Guard Corps (IRGC) in Iran. Additionally, OFAC has sanctioned several Iranian officials, including Iranian Interior Minister Eskandar Momeni Kalagari, accusing them of being responsible for domestic violence repression in Iran.

According to The Wall Street Journal, Tether's role as the world's leading stablecoin has been influenced by Maduro, as Tether serves as an important tool for the Venezuelan state oil company (Petróleos de Venezuela, abbreviated as PdVSA) to evade sanctions, being used as a currency for oil trade settlements and providing an economic lifeline for Venezuelans suffering from the plummeting value of their national currency, the bolívar.A spokesperson for Tether responded that the company complies with all applicable U.S. and international sanctions regulations and works closely with U.S. authorities, including the Office of Foreign Assets Control, and regularly assists law enforcement in freezing addresses related to illegal activities or sanctions violations upon legitimate requests.

According to the Financial Times, Telegram's $500 million bonds in Russia have been frozen by the national settlement depository due to Western sanctions against Russia, despite founder Pavel Durov's efforts to distance himself from Moscow.This move poses obstacles to its debt buyback and raises concerns among investors. Telegram still plans to repay the related debt on schedule, and its recent half-year revenue has increased by 65% year-on-year to $870 million, but it has incurred a net loss of $222 million due to the depreciation of Toncoin. Telegram is pushing for the integration of the Ton ecosystem and preparing for an IPO.

According to Jinshi reports, the U.S. envoy to the United Nations stated that the United States will impose sanctions to deprive Maduro of resources that fund the "Sun Group," including oil profits.

According to Decrypt, the U.S. Department of Justice has seized the scam website tickmilleas.com, which is operated by Myanmar's "Taichang Scam Park" and is used to disguise a cryptocurrency trading platform to deceive investors.The FBI stated that several victims have recently been scammed. This action is related to the previously sanctioned Cambodian Huione Group, which has closed its Phnom Penh branch and suspended withdrawals this week.

According to market news, South Korean financial authorities are expected to impose sanctions on the country's cryptocurrency exchanges for violations of anti-money laundering obligations. After completing the penalties against Dunamu (the operator of Upbit), the FIU plans to take action sequentially against other exchanges such as Korbit, Gopax, Bithumb, and Coinone.Since last year, the Financial Supervisory Service has completed on-site inspections of the aforementioned exchanges and is currently in the legal review and sanction deliberation stage. The FIU will process cases in the order of inspection completion, but due to Bithumb needing a re-examination, its processing order may be delayed. The market expects the sanctions imposed on each exchange to be relatively similar in intensity. Previously, the FIU had warned the head of Dunamu in February this year and imposed a three-month suspension on new customer deposits and withdrawals; subsequently, on November 6, a fine of 35.2 billion won was imposed. Other exchanges are also expected to face fines in the hundreds of billions of won, with specific amounts determined based on the circumstances of the violations. Due to the large volume of pending cases, the FIU expects it will be difficult to complete all procedures within this year, and most sanctions may be implemented in the first half of next year.

According to Decrypt, the UK's National Crime Agency (NCA) has revealed that a UK-led operation to combat Russian sanctions evasion has arrested 128 individuals and seized $32.6 million in cryptocurrency and cash. This operation, named "Operation Destabilise," was first announced in 2024, and as of December last year, 84 people had been arrested, with $25.5 million seized. However, the latest data from the NCA shows that the operation has arrested an additional 45 suspected money launderers and seized over $6.6 million in cash.

The U.S. Department of the Treasury announced sanctions against former Canadian Olympic athlete Ryan James Wedding and his drug trafficking organization. Wedding is accused of leading an international drug trafficking network, with these sanctions involving 9 individuals and 9 entities being added to the Specially Designated Nationals (SDN) list.Notably, the sanctions list includes multiple cryptocurrency addresses, involving various blockchain networks such as Bitcoin, Ethereum, Binance Smart Chain, Tron, and Solana.The sanctioned individuals include several suspects from Mexico, Italy, the United Kingdom, and Canada, while the related entities span multiple industries, including jewelry manufacturing, private security, fuel wholesale, and motorcycle sales.

The South Korean Deputy Foreign Minister Kim Ji-na stated that South Korea may adjust its sanctions framework against North Korea to address the threat of cryptocurrency theft.Previously, the U.S. Treasury Department imposed sanctions on 8 North Korean bankers and 2 entities, accusing them of laundering money through cryptocurrency to support nuclear weapons development. Reports indicate that North Korea has stolen approximately $2.84 billion in cryptocurrency since January 2024, with some of the funds flowing into its nuclear weapons program. Kim Ji-na emphasized that coordination between South Korea and the U.S. is crucial in responding to North Korea's digital threats, noting that South Korea has previously imposed sanctions on North Korea independently based on U.S. actions.

According to Chainalysis, the U.S. Treasury Department's OFAC has designated several individuals and entities related to North Korea, involved in money laundering networks and IT outsourcing funds; the list includes Korea Mangyongdae Computer Technology Corporation and 54 cryptocurrency addresses associated with Cheil Credit Bank (which was sanctioned in September 2017). This designation is consistent with last month's conclusions from the U.S. Treasury Department's MSMT report on North Korean cyber activities, which also issued prevention recommendations and key points.

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced a new round of sanctions against several bankers, financial institutions, and related entities, accusing them of participating in money laundering for North Korea and transferring cryptocurrency obtained through cybercrime to fund its nuclear weapons program.The U.S. Treasury stated that over the past three years, North Korea has stolen more than $3 billion in digital assets through malware and social engineering attacks, a scale greater than any other country's related actors. The sanctioned individuals include North Korean bankers Jang Kuk Chol and Ho Jong Son, who are accused of managing funds on behalf of the sanctioned First Credit Bank, including approximately $5.3 million in cryptocurrency. The Treasury noted that North Korea relies on a network of bank representatives, shell companies, and financial institutions established in its own country and in places like Russia for money laundering, cryptocurrency theft, and evading sanctions. The U.S. has previously warned businesses to be cautious of North Korean IT professionals disguising their identities to infiltrate the financial system for illegal activities.

ChainCatcher news, according to Jinshi reports, U.S. stocks opened with the Dow down 0.04%, the S&P 500 index up 0.1%, and the Nasdaq flat. Tesla (TSLA.O) opened down 4.5%, with overnight earnings reports showing that the company's third-quarter revenue exceeded expectations, but profits were under pressure. Energy stocks generally rose, with Exxon Mobil (XOM.N) up 1.86% and ConocoPhillips (COP.N) up 2.9%, following the U.S. announcement of sanctions against Russian oil companies.

ChainCatcher news, according to Jinshi reports, U.S. Treasury Secretary Besant stated that large-scale sanctions against Russia will be announced.

ChainCatcher news, despite multiple sanctions, the A7A5 stablecoin pegged to the Russian ruble has become the largest non-USD stablecoin by market capitalization globally. According to data from CoinMarketCap and DeFiLlama, A7A5's market cap reached nearly $500 million on Monday, accounting for about 43% of the total market cap of non-USD stablecoins ($1.2 billion).A7A5 experienced an astonishing 250% increase in a single day on September 25, with its market cap rising by $350 million, surpassing the euro stablecoin EURC issued by Circle. Despite being sanctioned by the U.S. and the U.K. due to its association with sanctioned entities and being accused of circumventing Western financial restrictions, it continues to maintain its growth momentum.

ChainCatcher news, European Commission President Ursula von der Leyen announced today that the EU will include cryptocurrencies in its sanctions against Russia for the first time.The new round of sanctions will prohibit cryptocurrency platforms from trading with Russia, while also restricting foreign banking operations related to alternative payment systems in Russia. This move aims to close financial loopholes that Russia uses to evade sanctions. In addition to the cryptocurrency sector, this round of sanctions also involves multiple areas such as energy and banking, including a complete ban on the import of Russian liquefied natural gas to Europe and sanctions against 118 vessels of the "shadow fleet."