Security News > 2021 > November > US sanctions Chatex cryptoexchange used by ransomware gangs
The US Treasury Department announced today sanctions against the Chatex cryptocurrency exchange for helping ransomware gangs evade sanctions and facilitating ransom transactions.
Just as in Suex's case, by sanctioning Chatex the US administration aims to take down the main channel used by ransomware operations to collect ransom payments from their victims.
"Unprincipled virtual currency exchanges like Chatex are critical to the profitability of ransomware activities, especially by laundering and cashing out the proceeds for criminals," the Treasury added.
FinCEN's Financial Trend Analysis report was issued on the heels of governments worldwide saying they will crack down on cryptocurrency payment channels used by ransomware gangs.
One year ago, the Treasury Department's Office of Foreign Assets Control also warned that ransomware negotiators that they could face civil penalties for facilitating ransom payments if their deals involve ransomware gangs already on its sanctions list.
The US government has also levied sanctions against other entities and threat actors associated with ransomware operations in recent years.
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