On May 6, 2022, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) designated crypto mixer Blender.io as a Specially Designated National (“SDN”), marking the first time a virtual currency mixer has been sanctioned. The move is the latest in a series of sanctions designations and enforcement actions in the virtual currency
OFAC Issues Updated Ransomware Advisory Emphasizing Reporting to and Cooperation with US Law Enforcement
On September 21, 2021, the US Department of the Treasury’s Office of Foreign Assets Control (“OFAC”) announced several actions intended to “advance the United States government’s broader counter-ransomware strategy,” including an update to OFAC’s October 2020 advisory on ransomware payments and the first Specially Designated National (“SDN”) designation of a virtual currency exchange. OFAC’s action
Biden Administration Announces Expansion of Sanctions Against Russia and Signals Potential Additional Restrictions Following SolarWinds Cyber-Attack
On April 15, 2021, the Biden administration announced an expansion of existing sanctions against the Russian government, notably including the intelligence service and affiliated parties identified as being responsible for the SolarWinds cyber-attack and other “specified harmful foreign activities,” and signaled a potential willingness to impose additional measures relating to Information and Communications Technology and
OFAC and FinCEN Communicate Ransomware Expectations in New Guidance
On October 1, 2020, the US Treasury Department issued important guidance on what victims of ransomware attacks, as well as financial institutions (particularly money services businesses (“MSBs”) and other companies that facilitate such payments), should consider when confronted with potential ransomware demands. First, the Office of Foreign Assets Control (“OFAC”) issued an advisory that emphasizes