News & Analysis as of May 28, 2025

Economic Sanctions

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Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

International Sanctions Requirements for Virtual Asset Service Providers: a Cayman Perspective

Conyers on 11/20/2024

As the war continues to rage on the Eastern front between Russia and Ukraine, the financial sanctions resulting from the initial invasions and ongoing conflict seem likely to continue to play a significant part in the global...more

All Roads Lead to Roman: Alleged Tornado Cash Co-Founders Roman Storm Arrested and Roman Semenov Sanctioned, Days After Treasury...

Ballard Spahr LLP on 8/30/2023

Complex Civil and Criminal Cases Converge - On August 17, 2023, Judge Robert Pitman of the federal district court for the Western District of Texas issued an Order granting summary judgment for the U.S. Treasury Department...more

Crypto Company Comes Under OFAC Scrutiny

Holland & Knight LLP on 10/25/2022

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) on Oct. 11, 2022, announced a more than $24.28 million settlement with Bittrex Inc. (Bittrex), a Bellevue, Washington-based company that offers...more

No Foolish Transactions: A Few Guidelines for NFT Marketplace Participants to Mitigate Anti-Money Laundering Risks

Wilson Sonsini Goodrich & Rosati on 5/24/2022

The global NFT (non-fungible token) market now is worth dozens of billions of dollars annually. Innovators and early adopters, marketplaces, and sellers, are all eager to join this market but may have questions about how to...more

Banks Expand Digital Asset Offerings; Crypto Market Actors Critique SEC Proposal; New OFAC Crypto Sanctions; Agencies Issue...

BakerHostetler on 4/25/2022

This week Anchorage Digital, a digital asset platform and infrastructure provider that is also the first federally chartered cryptocurrency bank, announced that it has added custody support for 11 new digital assets....more

Asset Tracing and Corporate Intelligence Techniques: What Financial Institutions Can Do to Prevent Evasion of the Sanctions...

K2 Integrity on 3/28/2022

On 16 March 2022, K2 Integrity hosted our second webinar in our series on the evolving sanctions against Russia and what it means for global markets and businesses. This article summarizes the key points and analysis from the...more

Blockchain Week in Review - March 2022 #2

Perkins Coie on 3/24/2022

Zelenskyy Signs Virtual Assets Bill Into Law, Legalizing Crypto in Ukraine - On March 16, Ukrainian President Volodymyr Zelenskyy signed the Law on Virtual Assets. According to a statement by the Ministry of Digital...more

FinCEN Warns Against Evasion of Russian Sanctions

Goodwin on 3/14/2022

In this Issue. The Financial Crimes Enforcement Network (FinCEN) published an alert warning financial institutions of possible efforts to evade U.S.-imposed sanctions on Russia and Belarus; the U.S. Department of the Treasury...more

Executive Order Addresses Digital Assets; Banks and Restaurants Launch Crypto Initiatives; FinCEN Issues Alert; SEC, CFTC and DOJ...

BakerHostetler on 3/14/2022

This week, President Joe Biden signed “Executive Order on Ensuring Responsible Development of Digital Assets” (EO). According to a fact sheet published with the EO, the EO calls for measures to accomplish the following...more

US Department of the Treasury Announces Results of Sanctions Review

Kramer Levin Naftalis & Frankel LLP on 11/11/2021

On Oct. 18, 2021, the U.S. Department of the Treasury (the Treasury) announced the results of its review of U.S. economic and financial sanctions. During her confirmation hearing in January 2021, Janet L. Yellen, secretary of...more

Takeaways from OFAC’s Sanctions Compliance Guidance for Virtual Assets and Cryptocurrency

The Volkov Law Group on 10/27/2021

In early October, OFAC released a guidance brochure on sanctions compliance, specifically tailored for the cryptocurrency and virtual assets industry. For seasoned compliance veterans, it ends up reading like a refresher...more

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