Security News > 2021 > September > US sanctions cryptocurrency exchange used by ransomware gangs
The US Treasury Department announced the first-ever sanctions against a cryptocurrency exchange, the Russian-linked Suex, for facilitating ransom transactions for ransomware gangs and helping them evade sanctions.
By sanctioning crypto exchanges providing ransomware groups with material support, the US hopes to drain their funding and disrupt their operations.
The Biden administration was expected to issue sanctions this week against cryptocurrrency exchanges, wallets, and traders used by ransomware groups, as Wall Street Journal reported on Friday.
These are not the first sanctions the US government has levied against entities or threat actors associated with ransomware gangs.
In October, the Treasury also warned that ransomware negotiators might also face civil penalties for facilitating ransom payments to ransomware gangs on its sanctions list.
"As cyber criminals use increasingly sophisticated methods and technology, we are committed to using the full range of measures, to include sanctions and regulatory tools, to disrupt, deter, and prevent ransomware attacks."
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