The United States Department of the Treasury has added multiple cryptocurrency addresses to its Specially Designated Nationals list under the Foreign Narcotics Kingpin Designation Act, or the Kingpin Act.
These addresses, and the individuals associated with them, have been deemed to be associated with foreign narcotics operators.
The Treasury updated its SDN list with recent Kingpin Act Designations on Aug 21.
The three alleged narcotic operators associated with these addresses are Chinese citizens Xiaobing Yan, Fujing Zheng and Guanghua Zheng.
The three individuals all have associated Bitcoin addresses mentioned on the SDN List, and Guanghua Zheng additionally has a Litecoin address.
As explained in a White House press release from 2015, the Kingpin Act exists to ban trading and transactions between narcotics traffickers and U.S. entities, namely companies and individuals.
Under the Kingpin Act, a multitude of governmental branches coordinate to investigate narcotics traffickers, who are then named in a list that is brought before the President of the U.S., who then determines which members on the list will receive U.S. sanctions.
As previously reported by Cointelegraph, U.S. Treasury Secretary Steven Mnuchin believes that Bitcoin is vulnerable to money laundering.
Mnuchin has further stated that he believes Bitcoin is used for money laundering much more effectively than the U.S. dollar.
According to Mnuchin, the government combats "Bad actors in the U.S. dollar every day to protect the U.S. financial system."
US Treasury Sanctions Bitcoin, Litecoin Addresses Under Kingpin Act
Publicado en Aug 21, 2019
by Cointele | Publicado en Coinage
Coinage
Mencionado en este artÃculo
Noticias recientes
Ver todo
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.