U.S. Congressman Gabe Amo (D-RI), along with Congressmen Brad Sherman (D-CA) and Gerald E. Connolly (D-VA), sent a letter to U.S. Treasury Secretary Janet Yellen regarding the Moscow-based cryptocurrency exchange Garantex. They expressed concerns that Garantex is reportedly facilitating sanctions evasion and funding Russia’s invasion of Ukraine. The letter cited reports indicating that billion […]
Bitcoin News
US Sanctions Lockbit Leader in Ransomware Crackdown
On May 7, the U.S. announced sanctions against Dmitry Yuryevich Khoroshev, a key figure in the Lockbit ransomware group. The U.S., alongside international allies including the UK and Australia, has taken coordinated measures to curb the activities of this prominent cybercriminal group. Khoroshev, responsible for developing and deploying Lockbit ransomware, is now facing an indictment […]
Bitcoin News
Latam Insights: Venezuela to Leverage USDT for Sidestepping Sanctions, Chivo Wallet Disregards Hacking Allegations
Welcome to Latam Insights, a compendium of Latin America’s most relevant crypto and economic news during the last week. In this issue: Venezuelan oil company PDVSA could use USDT to sidestep U.S. sanctions, Chivo Wallet denies hacking allegations, and Nubank expands its crypto functionality in Brazil. Venezuela Might Use USDT for Sidestepping Sanctions Venezuela is […]
Bitcoin News
SEC Lawyers Resign After Judge Sanctions the Regulator for ‘Gross Abuse of Power’
Two lead attorneys for the U.S. Securities and Exchange Commission (SEC) in the case against crypto firm Debt Box have reportedly resigned. This followed a federal judge sanctioning the SEC for its “gross abuse of power” after the agency made “materially false and misleading representations” in its lawsuit against the cryptocurrency firm. Lead Attorneys in […]
Bitcoin News
Venezuelan State Oil Company to Accelerate USDT Adoption for Settlements; Tether Vows to Uphold OFAC Sanctions
PDVSA, the state-owned Venezuelan oil company, would be preparing to migrate more of its payments portfolio to USDT, a dollar stablecoin, to avoid being affected by the restitution of U.S. sanctions. Reuters reported that the company started receiving payments in USDT last year and will accelerate its adoption. Tether, nonetheless, stated it will uphold OFAC […]
Bitcoin News
US District Judge Sanctions Binance’s $4.3 Billion Plea Deal
Binance Holdings is set to pay .3 billion in fines following the approval of its plea agreement with prosecutors by U.S. District Judge Richard Jones on Friday. Beyond the financial settlement, a third party will oversee Binance’s operations for a duration of five years. Historic .3 Billion Binance Settlement Approved by Seattle Judge Binance, the […]
Bitcoin News
UN Sanctions Inspectors Probe Alleged North Korean Cyberattacks Targeting Crypto Firms
United Nations (UN) sanctions monitors are reportedly investigating specific cases of hacking attacks allegedly carried out by North Korea-affiliated hackers between 2017 and 2023. Besides attacking decentralized finance platforms, the UN monitors alleged that North Korea-affiliated hackers are targeting defense companies and supply chains. Hackers Rake in Billion in Six Years The United Nations […]
Bitcoin News
OFAC Blocks Venezuelan Gold Business, Warns About Upcoming Oil Sanctions
The Office of Foreign Assets Control (OFAC) has revoked the license of Minerven, the Venezuela-owned gold company, for commercializing gold in international markets. The sanctions on Minerven, which were eased in October, will be applied again on February 13, with oil and gas sanctions reported to return in April.
OFAC Winds Down Venezuelan Gold Operations in International Markets
The U.S. Treasury Office of Foreign Assets Control (OFAC) has revoked a license that allowed CVG Compania General de Mineria de Venezuela CA (Minerven), the Venezuela state-owned gold company, to be part of gold transactions in international markets. The U.S. convened to revoke the sanctions on Minerven back in October when an agreement was reached with Maduro’s government to review the participation of key opposition figures in the upcoming presidential ballot.
However, according to the Biden Administration, the Venezuelan response has not been the one they expected, as the highest court in the country ratified the prohibition on Maria Corina Machado, the leader of the Venezuela opposition, to participate in the still undecided upcoming elections.
As a result, the transactions of Minerven will be winding down on February 13, and more sanctions will follow if there is no change in the decisions reached by the Venezuelan Supreme Tribunal.
According to statements from Matthew Miller, spokesperson for the U.S. State Department, other sanctions might also return. He declared:
The United States has revoked sanctions relief for Venezuela’s gold sector. The relief for Venezuelan oil and gas sectors will be renewed in April only if Maduro representatives follow through on their commitments.
The Venezuelan government has rejected the Biden administration’s behavior, with National Assembly President Jorge Rodriguez defiantly calling on accelerating the re-enactment of the oil, gas, and gold-related sanctions. Answering National Security Council spokesperson John Kirby, who stressed they had not seen any progress in the demands of the agreement, Rodriguez stated:
Save your ultimatum, sh*t Yankees. Kirby, shove your ultimatum where it fits you best.
Maduro’s government is also embroiled in a battle to regain control of roughly billion in gold held in the U.K.
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What do you think about the re-enactment of sanctions on the Venezuela-owned gold company Minerven? Tell us in the comments section below.
US Sanctions on Russia Similar to Planting a ‘Bomb Under the Dollar,’ Says Russian Analyst
The United States’ sanctions against Russia are undermining confidence in the U.S. dollar and may force other countries to ditch the currency, a Russian financial analyst has said. The analyst said contrary to the West expectations, the sanctions against Russia have failed to destroy its economy.
Russia’s Frozen Assets
According to Alexander Razuvaev, a Russian economist and financial analyst, the United States sanctions policy against Russia will undermine the dollar’s position as the world reserve currency. Razuvaev cited the U.S. plans to transfer Russia’s frozen assets to Ukraine as an example of Washington’s actions that may result in more countries dumping the greenback.
In his remarks published by a local publication, the financial analyst also referred to the U.S. Federal Reserve interest rate hikes as another act that is undermining the dollar’s reserve currency status. To counter these acts, Razuvaev suggested that Russia should double down on its ongoing effort to wean itself from the dollar-dominated financial system.
Sanctions Have Failed to Destroy the Russian Economy
Razuvaev predicted that countries like Turkey and Azerbaijan are likely to follow in China’s footsteps and may even settle trades using the digital ruble. According to the analyst, China has been dumping American bonds and paying for Saudi Arabian oil with its currency.
After Russia invaded Ukraine in February 2022, Western countries led by the U.S. responded by imposing economic sanctions on Moscow. In addition, billions of dollars of Russian money held in foreign banks were frozen in what was seen as the West’s attempt to weaken Russia. However, despite the sanctions and asset freeze, Russia has continued its war against Kyiv, raising questions about the effectiveness of the punishment meted out so far.
Meanwhile, Razuvaev is also quoted in the same report explaining his thoughts on the impact of the sanctions and how they have failed to destroy the Russian economy.
“America’s actions undermine the authority of the dollar; they inflicted the strongest blow on their own. We will see this in gold prices if they rise sharply. The United States, I think, was counting on the destruction of the Russian economy within three to four months, and then wanted to return the assets,” Razuvaev said.
He also intimated that the United States’ stance against Russia is akin to planting a bomb under the dollar.
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US Senator Elizabeth Warren Comments Digital Assets Are Used to Evade Economic Sanctions
U.S. Senator Elizabeth Warren criticized the illegal use of cryptocurrency assets by bad actors. Commenting on a report issued by the U.S. Government Accountability Office (GAO), Warren declared that “rogue nations are using crypto to dodge sanctions and undermine our national security,” calling to establish increased money laundering rules on these assets.
U.S. Senator Elizabeth Warren: ‘Rogue Nations Are Using Crypto to Dodge Sanctions’
Elizabeth Warren, a U.S. senator, has commented on the role digital assets fulfill for bad actors, which use them to sidestep sanctions established by the U.S. government. In a post on X, Warren criticized the use of these tools for these purposes, calling for establishing controls that would contribute to diminishing this use.
Commenting on a U.S. Government Accountability Office (GAO) that examines the use of digital assets to evade sanctions, Warren stated:
A new U.S. GAO report confirms that rogue nations are using crypto to dodge sanctions and undermine our national security.
The report, issued in December, found that “digital assets like bitcoin and other virtual currencies pose risks to implementing and enforcing U.S. sanctions” but that the agency could mitigate some of these risks, given that “many digital assets are recorded on a public ledger, which may enable U.S. agencies and analytics firms to trace transactions and potentially identify illicit actors.”
Warren got hit by a community note on X, clarifying that the U.S. Treasury’s National Money Laundering Risk Assessment report confirmed that fiat was the preferred currency for financial crimes. Nonetheless, Warren called for “crypto to follow the same anti-money laundering rules as everyone else,” promoting her own Digital Asset Anti-Money Laundering Act, which would apply Bank Secrecy Act (BSA) rules to several elements of the crypto tech stack.
Warren also got criticized by several actors in the cryptocurrency industry. Coinbase CLO Paul Grewal blasted the referred report, stressing that it was made with “zero comparative analysis” just to “harangue an industry that spends millions and millions to follow the law.”
What do you think about Sen. Warren’s statements? Tell us in the comments section below.