US Treasury Closely Monitoring Sanction Invasion Attempts Using Crypto: Yellen

Updated:

US Treasury Secretary Janet Yellen has asserted that the Treasury Department is closely monitoring Russia’s attempts at bypassing monetary sanctions using cryptocurrency. Yellen made the comments at a conference hosted by the University of Illinois on Wednesday, where she noted:

“We will continue to look at how the sanctions work and evaluate whether or not there are leakages, and we have the possibility to address them.”

The strong comments came after four US senators wrote to the Treasury Secretary about the “Treasury Department’s progress in monitoring and enforcing sanctions compliance by the cryptocurrency industry.”

The senators voiced some of their “concerns that criminals, rogue states, and other actors may use digital assets and alternative payment platforms as a new means to hide cross-border transactions for nefarious purposes.”

US Treasury: Participants of Crypto Industries Subject to AML and Sanction Rules

Commenting on the possible use of crypto for sanctions evasion, Yellen noted:

“I often hear cryptocurrency mentioned, and that is a channel to be watched.”

The Treasury Secretary also noted that most parties in the crypto space are subject to any-money laundering and sanction requirements.

That said, many top crypto exchanges, including Coinbase, Binance, and Kraken, have announced that they are open to complying with the government to issue sanction requirements. However, these same exchanges have turned down calls from the vice prime minister of Ukraine to ban all Russian users.

This refusal spurred outrage from former US presidential candidate Hilary Clinton, who later called on the Biden administration to strong-arm crypto exchanges to ban Russian users. However, Yellen has clarified that the crypto industry is “not that that sector is completely one where things can be evaded.”

Last October, the US Treasury Department published a sanction review, noting: “We are mindful of the risk that, if left unchecked, these digital assets and payments systems could harm the efficacy of our sanctions.”

 

You can purchase Lucky Block here. Buy LBlock

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.