Make Kitco Your Homepage

U.S. to target ransomware payments in cryptocurrency with sanctions - WSJ

Kitco News

Sept 17 (Reuters) - The Biden administration is preparing to take actions, including sanctions, to make it more difficult for hackers using digital currency to profit from ransomware attacks, the Wall Street Journal reported on Friday.

The U.S. Treasury department plans to impose sanctions as soon as next week, the report said, citing people familiar with the matter.

The department will also issue a new guidance on the risks associated with facilitating such ransomware payments, WSJ reported, including fines and other penalties.

New anti-money laundering rules and terror finance rules, which are expected to come later this year, will aim to limit the use of cryptocurrency for payments in ransomware attacks and other illicit activities, the report added.

Reporting by Sohini Podder in Bengaluru; Editing by Shinjini Ganguli
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.