The U.S. Treasury Department has imposed sanctions on Suex, an over-the-counter cryptocurrency trading platform with offices in Moscow and St. Petersburg. Twenty-five addresses on bitcoin, Ethereum and Tether networks were blacklisted.
According to the agency’s press release, more than 40 percent of Suex’s transactions are linked to individuals engaged in illegal activities.
According to The Block, Suex was officially registered in Prague, but has offices in Moscow and St. Petersburg. The US authorities believe that the platform was used to withdraw funds from extortion groups, fraudsters and the notorious BTC-e exchange.
According to Chainalysis, an analyst firm involved in the investigation, most of Suex’s funds were derived from “illegal and high-risk sources.” Since February 2018, Suex has received more than $480 million in bitcoins. At least $160 million of that came from illegal activity – $13 million came from extortionists, $24 million from criminals running cryptocurrency-related scams, $20 million from darknet marketplaces, and $50 million came from addresses associated with BTC-e, with most of the BTC-e transactions taking place after the exchange shut down.