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OFAC Sanctions Virtual Currency Platform

As part of the government-wide effort to counter ransomware, on September 21st the Treasury Department’s Office of Foreign Assets Control (“OFAC”) sanctioned SUEX OTC, S.R.O, a cryptocurrency exchange, for facilitating payments involving the illicit proceeds from multiple ransomware attacks. This marks the first time OFAC sanctioned a virtual currency platform, and it’s now illegal for US persons to engage in transactions with SUEX and its affiliates.

In addition to designating SUEX, OFAC updated its guidance on the risks companies face for facilitating ransomware payments, which highlights the importance of improving cybersecurity practices and reporting ransomware attacks to the appropriate governmental agencies. Click here for press release and to access the updated guidance.