The US Treasury imposed sanctions on a crypto mining company that had commercial relations with Russia – DiarioBitcoin

US authorities capture nuclear engineer after receiving cryptocurrencies for the sale of secret plans - DiarioBitcoin

The US Treasury imposed sanctions on a crypto mining company that had commercial relations with Russia - DiarioBitcoin For Angel Di Matteo @shadowargel

As he Treasure from USA as the OFAC They highlight that this would be the first sanction of this type imposed on a crypto mining company in the framework of the measures against Russia.


The Office of Foreign Assets Controlan organization attached to Treasure of the USA better known as the OFAC, announced the imposition of sanctions on the crypto mining company BitRiver and its subsidiaries, which allegedly would be carrying out commercial operations with Russia.

OFAC sanctions crypto mining company

According to information issued in a statement from the Treasure of the USA, the agency clarified that the sanctioned companies were “helping Russia monetize its natural resources”, clarifying that this involved imports and fiduciary payments outside the Soviet nation, which were subject to sanctions. An important detail is that the regulatory body clarifies that this would be the first time that a measure of this type is taken and for these reasons against an entity that is dedicated to crypto mining.

In this regard, the undersecretary of Terrorism and Financial Intelligence, Brian E. Nelson commented:

“The treasury can and will target those who evade, attempt to evade, and/or help circumvent US sanctions against Russia, as they are aiding and supporting the brutal Putin-driven war. The United States will work to ensure that the sanctions we have imposed, in close coordination with our international partners, degrade the Kremlin’s ability to project power and finance its invasion.”

Yes ok BitRiver Owned by a Swiss-based company, the company was originally founded in Russia and has some physical facilities operating within the nation, although several of its offices are in foreign countries.

See also  Mining 1 bitcoin in Paraguay costs much less than in the US.

About 80 sanctions

The precision about the measures against the cryptomining company comes to place in the statement in question, where the Treasure and the OFAC indicate that there are a total of 80 sanctions directed at companies and individuals, of which the majority do not have any type of relationship with digital currencies or technology blockchain.

Among the sanctioned entities, the Russian bank Transcapitalbank, which is under the direction of Konstantin Malofeyev. This in turn involves some 40 people and entities directed by the latter, all accused of financing and/or facilitating transactions for entities operating in the Soviet country.

Another interesting aspect is that the emphasis on sanctioning a crypto mining company comes when the country’s authorities are increasingly considering the use of cryptocurrencies for payments for commercial operations. This position was recently joined by the Russian Tax Service, which said the following:

“Allow corporate entities to pay for goods and services in accordance with foreign trade contracts and receive income from foreign entities in digital currency.”

Let us bear in mind that the Russian Ministry of Finance announced last week that it already had its cryptocurrency regulation bill ready, so it only remains to be seen what will be the approach and treatment that they would give to said assets in case of legalizing their use and circulation.

See also  Noti Hash: green mining, infinite bitcoin issuance and bear market strategies

Recommended reading

Source: CryptoBriefing

Angel Di Matteo version / DailyBitcoin

Picture of unsplash

WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

Leave a Comment

Your email address will not be published.