In 2022, the year the Ukraine war broke out, the share of crypto activity associated with illicit operations rose for the first time since 2019.
The US imposed a fresh round of sanctions on 13 fintech firms and two individuals linked to Russia for allegedly developing or offering virtual asset services that have been used to skirt bans, according to a statement posted by the US Department of the Treasury. “Russia is increasingly turning to alternative payment mechanisms to circumvent U.S. sanctions and continue to fund its war against Ukraine,” said Under Secretary of the Treasury for Terrorism and Financial Intelligence, Brian E.
The companies named in the Treasury list include Moscow-based fintechs B-Crypto, Masterchain, Atomaiz, Veb3 Tekhnologii and Veb3 Integrator and Cyprus-based Tokentrust, which is also a majority-owner of Atomaiz. Igor Veniaminovich Kaigorodov, the majority owner of Veb3 Tekhnologii and Veb3 Integrator, and Timur Evgenyevich Bukanov, the owner of TOEP, were also on the list.
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