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Binance, the world's largest crypto exchange, will suspend U.S. dollar deposits and withdrawals, the company said Monday, without providing a reason for the decision. "We are temporarily suspending USD bank transfers as of February 8th," a Binance spokesperson told CNBC. The company said "0.01% of our monthly active users leverage USD bank transfers," and added that "we are working hard to restart service as soon as possible." Binance's net U.S. dollar outflow was over $172 million for the day, based on data from DefiLlama. That represents a tiny amount of money for a company that has $42.2 billion worth of crypto assets, according to Arkham.

☆ U.S. warned Turkey on exports seen to boost Russia's war effort, official says
▼ + stars: | 2023-02-04 | by ( Jonathan Spicer | ) www.reuters.com time to read: +3 min

Brian Nelson, the U.S. Treasury Department's top sanctions official, visited Turkish government and private sector officials on Thursday and Friday to urge more cooperation in disrupting the flow of such goods. "There is no surprise...that Russia is actively looking to leverage the historic economic ties it has in Turkey," the official said. NATO member Ankara opposes the sweeping sanctions on Russia on principle but says they will not be circumvented in Turkey, urging the West to provide any evidence. At least $777 million of these products were made by Western firms whose chips have been found in Russian weapons systems. Nelson also visited the United Arab Emirates and Oman to reiterate that Washington will continue aggressively enforcing its sanctions, the Treasury said last week.

☆ Latvia says traders use Turkey, Kazakhstan, Armenia to dodge Russia sanctions
▼ + stars: | 2023-02-03 | by ( Andrius Sytas | ) www.reuters.com time to read: +2 min

VILNIUS, Feb 3 (Reuters) - Traders are using Turkey, Kazakhstan and Armenia to evade European Union sanctions on Russia in a tactic that breaches these countries' compliance with the bloc's embargo, Latvia's prime minister said on Friday. Krisjanis Karins made the assertion following talks with counterparts from fellow EU members Estonia and Lithuania, which along with Latvia have been among most vocal supporters of sanctions on Russia following its 2022 invasion of Ukraine. "It seems quite clear that traders are finding ways to legally trade goods, say with Turkey, Kazakhstan or Armenia which are then resent to Russia, because these countries are not adhering to the sanctions regime", Karins told reporters in the Estonian capital Tallinn. There was no immediate response from the foreign ministries of Turkey and Kazakhstan to requests for comment on the remarks by Karins. At the same time, it opposes Western sanctions on Russia and has close ties with both Moscow and Kyiv, its Black Sea neighbours.

[1/2] The American flag flies over the U.S. Treasury building in Washington, U.S., January 20, 2023. But Ankara has pledged that international sanctions will not be circumvented in Turkey. Washington is also concerned about evasion of U.S. sanctions on Iran. While in the United Arab Emirates, Nelson will note the "poor sanctions compliance" in the country, the spokesperson said. In Oman, Nelson will meet with counterparts to discuss cooperation on countering illicit finance, including terrorist financing, the department said.

At the same time, it opposes Western sanctions on Russia and has close ties with both Moscow and Kyiv, its Black Sea neighbors. But Ankara has pledged that international sanctions will not be circumvented in Turkey. Washington is also concerned about evasion of U.S. sanctions on Iran. While in the United Arab Emirates, Nelson will note the "poor sanctions compliance" in the country, the spokesperson said. Reporting by Daphne Psaledakis and Humeyra Pamuk Editing by Don Durfee and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

WASHINGTON, Jan 18 (Reuters) - U.S. authorities said on Wednesday they have arrested the majority shareholder and cofounder of Hong Kong-registered virtual currency exchange Bitzlato Ltd for allegedly processing $700 million in illicit funds. It also broke rules requiring significant vetting of customers and failed to meet requirements aimed at preventing money laundering, authorities said. REUTERS/Dado Ruvic/Illustration 1 2Prosecutors said Bitzlato knowingly serviced U.S. customers and conducted transactions with U.S.-based exchanges using U.S. online infrastructure. "Identifying Bitzlato as a primary money laundering concern effectively renders the exchange an international pariah," Deputy Treasury Secretary Wally Adeyemo said at the news conference. "None of the mainstream financial institutions will deal with an entity identified as a primary money laundering concern," she said.

REUTERS/Dado Ruvic/IllustrationWASHINGTON, Jan 18 (Reuters) - U.S. authorities said on Wednesday they have arrested the majority shareholder and cofounder of Hong Kong-registered virtual currency exchange Bitzlato Ltd for allegedly processing hundreds of million of dollars in illicit funds. The action, done in conjunction with the U.S. Treasury Department's Financial Crimes Enforcement Network and foreign authorities, marked the first major action by the Justice Department's National Cryptocurrency Enforcement Network. Treasury's Financial Crimes Enforcement Network (FinCEN) said it has prohibited certain transmittals of funds involving Bitzlato by any covered financial institution after labeling Bitzlato Ltd a "money laundering concern" related to Russian illicit finance. By midday Wednesday, Bitzlato's website was replaced by a notice saying that the service had been seized by French authorities "as part of a coordinated international law enforcement action." Reporting by Daphne Psaledakis, Raphael Satter, Kanishka Singh, Chris Prentice Writing by Chris Prentice; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.

Companies Chevron Corp FollowHOUSTON, Dec 30 (Reuters) - U.S. oil company Chevron Corp (CVX.N) is sending two oil tankers to Venezuela, one of which will load the first cargo of crude destined for the United States in nearly four years, according to a person familiar with the matter and shipping data. On Friday, a Chevron-chartered vessel approached the South American country's waters to pick up a cargo of Venezuelan crude. A second tanker carrying a cargo of diluents to a Chevron oil joint venture is due to arrive in the country early next month, the person said. The U.S. last month issued a 6-month license to Chevron authorizing it to take an expanded role at four Venezuelan oil joint ventures that produce, process and export oil, and to bring their oil to the United States. Washington officials have said further easing of Venezuelan oil sanctions could come with a reinstatement of excluded political candidates and election observers.

Sen. Elizabeth Warren is introducing legislation Wednesday aimed at cracking down on money laundering in cryptocurrency. The Senate Banking Committee, which includes Warren, is holding a hearing Wednesday on the FTX debacle and aftermath. The bill would designate providers of digital asset wallets as money service businesses, bringing them under the authorities of the Bank Secrecy Act, which fights money laundering in the financial system. Further, it would prohibit financial institutions from dealing with services that blend the cryptocurrencies of users together, obscuring their origins. Warren has been an outspoken critic of FTX prior to Bankman-Fried’s indictment.

☆ National security concerns reportedly delay TikTok-U.S. deal
▼ + stars: | 2022-12-07 | by ( Lauren Feiner | ) www.cnbc.com time to read: +4 min

The government has yet to come back with TikTok with new requests on how to address the concerns, the Journal reported based on unnamed sources. TikTok confirmed it has not received an update from the government about any unresolved concerns. The two sides had reached broad agreements about storing U.S. user data on Oracle servers in the U.S., the Journal reported, moving it from TikTok data centers in Virginia and Singapore. U.S. officials and lawmakers have been vocal about their security concerns with TikTok. Cowen analysts wrote Wednesday that Meta's Reels, short-form videos similar to those on TikTok, "would be the biggest beneficiary" of a TikTok ban, followed by YouTube's Shorts.

☆ Crypto exchange Kraken settles U.S. investigation over alleged Iran sanctions violations
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - Crypto exchange Kraken has agreed to pay a fine to settle civil liability related to apparent violations of sanctions on Iran, the U.S. Treasury Department's Office of Foreign Assets Control said on Monday. As part of the settlement with OFAC, Kraken will pay about $362,000, and "invest an additional $100,000 in certain sanctions compliance controls." "Even before entering into this resolution, Kraken had taken a series of steps to bolster our compliance measures," Santori added. According to the OFAC statement, Kraken's platform processed 826 transactions for users located in Iran between roughly October 2015 to June 2019. In October, the Treasury Department had also fined crypto exchange Bittrex Inc $29 million in fines for "apparent violations" of sanctions on certain countries and anti-money laundering law.

[1/5] Italian Prime Minister Giorgia Meloni speaks during a news conference to present her government's first budget in Rome, Italy, November 22, 2022. Meloni, a fiery conviction politician, has often spoken out against Italy's reliance on technocrats to solve its economic problems and lambasted alleged interference from "high international finance" and "Brussels bureaucrats". During the election campaign Meloni called in vain for her predecessor Mario Draghi to freeze the sale of a majority stake in ITA. PUSHBACKDeputy Economy and Finance Minister Maurizio Leo, an adviser to Meloni, had proposed splitting his ministry by hiving off the finance department responsible for tax matters. The head of the finance department, Fabrizia Lapecorella, has asked to move to another ministry, two sources said.

☆ Factbox: U.S. offers new details on plan to cap Russian oil prices
▼ + stars: | 2022-11-23 | by ( ) www.reuters.com time to read: +3 min

Crucially, though, the guidance does not yet state what the price cap will be, something that the United States is still hashing out with its partners. Here are key points from the latest guidance:START AND STOP"While shipping and insurance are covered services, these costs are distinct from the price cap on Russian oil," the guidance stated. Any oil purchased or docked after those times, however, will need to adhere to the price cap. In addition, the price cap only applies to the first "landed" sale outside of Russia, meaning the first point at which the cargo comes ashore. They include trading and commodities brokers, and companies involved in financing, shipping, insurance, flagging, and customs brokering.

☆ Taiwan to continue U.S. communications on exchange rate policy
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +2 min

TAIPEI, Nov 11 (Reuters) - Taiwan has "smooth" communication channels with the United States and the two will keep talking on issues such as exchange rate policy, a Taiwanese central bank official said on Friday after the U.S. Treasury kept the island on its monitoring list. A Taiwan central bank official told Reuters that communication channels between them and the U.S. Treasury were "smooth". "In the future, the two sides will continue to communicate on issues such as economic outlook and exchange rate policy on the basis of good interactions," said the official, who was speaking on condition of anonymity. Taiwan's central bank in the first half of this year sold a net $8.25 billion to intervene in the foreign exchange market to try and arrest the Taiwan dollar's devaluation. Taiwan was last formally labelled a currency manipulator by the United States in December 1992.

☆ U.S. banks processed roughly $1.2 billion in ransomware payments in 2021, according to federal report
▼ + stars: | 2022-11-01 | by ( Chelsey Cox | ) www.cnbc.com time to read: +2 min

U.S. banks and financial institutions processed roughly $1.2 billion in likely ransomware payments in 2021, a new record and almost triple the amount in 2020, according to a federal financial crimes watchdog. The report reflects a sweeping government effort to identify and report ransomware attacks following the hacking of U.S.-based Colonial Pipeline's IT network in May 2021. FinCEN said there were 1,489 ransomware incidents costing nearly $1.2 billion last year, a substantial rise from $416 million in damages recorded in 2020, according to the report. The agency said four of the overall top five ransomware attacks reported during this period are tied to Russia. In March, Biden signed a measure requiring some businesses to report certain cyber incidents and ransomware payments to the Cybersecurity, Infrastructure and Security Agency.

☆ Truphone to pay $600,000 U.S. fine, ensure Russian ownership divested
▼ + stars: | 2022-10-20 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Oct 20 (Reuters) - The parent company of a small Montana wireless carrier will pay a $600,000 fine and ensure that any ownership interests by Russian investors is divested, a U.S. agency said on Thursday. The Federal Communications Commission (FCC) in April said Truphone, the owner of Montana-based iSmart Mobile, had been indirectly controlled by Russian oligarchs since at least 2011. Under the settlement, London-based Truphone will ensure that any stake held by Alexander Abramov, Alexander Frolov or Roman Abramovich will be divested, the FCC said. The FCC had proposed fining Truphone $660,000 in April for failing to disclose accurate ownership stakes held by foreign entities and transferring control of licenses without government approval. Truphone said it will ensure no individuals or entities designated by the Treasury Department's sanction list have any ownership or investment interests.

☆ U.S., UK to deepen cooperation on Russia, other sanctions -statement
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, Oct 17 (Reuters) - The United States and Britain will further their cooperation on sanctions against Russia over its invasion of Ukraine as well as on other targets, top financial officials for the two allied nations said in a joint statement on Monday. "Over time, we expect to realize the benefits of our collaboration not only in relation to the sanctions imposed in response to Russia’s invasion of Ukraine, but also across other common sanctions regimes," Andrea Gacki, the head of the U.S. Treasury Department's Office of Foreign Assets Control, and Giles Thomson, the head of Britain's Office of Financial Sanctions Implementation, wrote. Register now for FREE unlimited access to Reuters.com RegisterReporting by Susan Heavey, Editing by Franklin PaulOur Standards: The Thomson Reuters Trust Principles.

☆ The Treasury Department’s internal watchdog is looking into how DeSantis paid for migrant flights to Martha’s Vineyard
▼ + stars: | 2022-10-12 | by ( Zoë Richards | Zoë Richards Is The Evening Politics Reporter For Nbc News. | ) www.nbcnews.com time to read: +3 min

An internal government watchdog is looking into whether Florida misused federal funds to pay for migrant flights to Martha’s Vineyard, Massachusetts, last month under a program backed by Gov. Delmar also said the inspector general’s office would review what restrictions are in place for using the money, including interest earned, for immigration-related activities. Markey, who was among the group that signed on to the Sept. 16 letter demanding a probe, applauded the inspector general in a statement Wednesday. DeSantis has insisted that no laws were broken and pledged to continue his administration’s $12 million program to relocate migrants. "Reviews by Treasury are typical and, as stated by the OIG, are ‘part of its oversight responsibilities.’”NBC News has asked the Treasury Department for comment.

☆ Crypto exchange Bittrex to pay $29-mln penalty to U.S. Treasury Department
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: +2 min

Oct 11 (Reuters) - The U.S. Treasury Department said on Tuesday that cryptocurrency exchange Bittrex Inc had agreed to pay $29 mln in fines for "apparent violations" of sanctions on certain countries and anti-money laundering law. The Treasury Department's Office of Foreign Assets Control (OFAC) and Financial Crimes Enforcement Network (FinCEN) had levied fines of about $24 million and $29 million, respectively, on Bittrex. Register now for FREE unlimited access to Reuters.com RegisterEffectively, Bittrex will have to pay a penalty of about $29 million. FinCEN said its investigation found that from February 2014 through December 2018, Bittrex did not maintain an effective anti-money laundering program. Bittrex in an emailed statement to Reuters said it was "pleased to have fully resolved" the matter with OFAC and FinCEN on mutually agreeable terms.

☆ U.S. economic growth revised up; gap between GDP and GDI narrows sharply
▼ + stars: | 2022-09-29 | by ( Lucia Mutikani | ) www.reuters.com time to read: +5 min

The economy contracted 2.8% in 2020, revised up from the previously published 3.4% decline. Revisions showed GDI rebounding 5.5% in 2021, revised down from the previously published 7.3%. The gap between GDI and GDP, also known as the statistical discrepancy, is the sum of measurement errors in estimating the respective components of GDP and GDI. SUBSIDIES A CHALLENGEWith GDP revised higher and GDI lower, the statistical discrepancy narrowed to -0.6% of GDP in 2021. Overall, the GDP revisions to data from the fourth quarter of 2016 through the fourth quarter of 2021 did not change the economic picture.

WASHINGTON, Sept 20 (Reuters) - The U.S. Treasury Department said on Tuesday some satellite internet equipment can be exported to Iran, suggesting that SpaceX CEO Elon Musk may not need a license to provide the firm's Starlink satellite broadband service in the country. Musk said on Monday the company will ask for an exemption from sanctions against Iran. Register now for FREE unlimited access to Reuters.com RegisterSome people on Twitter had asked Musk to provide the satellite-based internet stations. "For any exports not covered by existing authorizations, OFAC welcomes applications for specific licenses to authorize activities supporting internet freedom in Iran," the statement added. Register now for FREE unlimited access to Reuters.com RegisterReporting by Kanishka Singh and Daphne Psaledakis in Washington\ Editing by Alistair BellOur Standards: The Thomson Reuters Trust Principles.

☆ Why it's time to start paying with $2 bills
▼ + stars: | 2022-09-17 | by ( Nathaniel Meyersohn | Cnn Business | ) edition.cnn.com time to read: +7 min

So wouldn't it make more sense to start paying with $2 bills instead? BEP doesn't have to request new $2 bills each year, like it does for other bills. Bad luckThe United States first issued $2 bills beginning in 1862, around the time the federal government first started printing paper money. It's also more efficient to print $2 bills than $1 bills because the Treasury can print twice as much for the same amount of money and requires less storage. In short, he concludes, $2 bills are underappreciated in the United States and a way for strangers to meet and engage.

☆ Two top House Democrats seek review of whether airlines used Covid bailout funds for staff buyouts
▼ + stars: | 2022-09-09 | by ( Leslie Josephs | ) www.cnbc.com time to read: +3 min

Two House Democrats have asked a Treasury Department watchdog to investigate whether airlines used a portion of a federal coronavirus relief package to pay for staff buyouts during the pandemic. Airlines were prohibited from laying off staff as a condition of accepting $54 billion in taxpayer aid to weather the Covid-19 pandemic. As a result, some airlines, including American and United, cut flights or grounded dozens of planes, particularly to small cities. Shorter routes are flown generally by regional airlines, and airlines have hired hundreds of new pilots from those smaller carriers to fill their own ranks. The Treasury Department declined to comment.

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