The Justice Department has launched its first criminal prosecution involving the alleged use of cryptocurrency to evade U.S. economic sanctions. In an unusual nine-page opinion, U.S. Magistrate Judge Zia M. Faruqui of Washington, D.C., explained why he approved a Justice Department criminal complaint against an American citizen accused of transmitting more than $10 million worth of bitcoin to a virtual currency exchange in one of a handful of countries comprehensively sanctioned by the U.S. government: Cuba, Iran, North Korea, Syria or Russia. In the ruling, the judge called cryptocurrency\u2019s reputation for providing anonymity to users a myth. He added that while some legal experts argue that virtual moneys such as bitcoin, ethereum or Tether are not subject to U.S. sanctions laws because they are created and move outside the traditional financial system, recent action taken by the Treasury Department\u2019s Office of Foreign Assets Control require federal courts to find otherwise.<\/p>\n\n\n\n
If you’re interested in speaking with an attorney, call our office at 816-524-4949 or click here<\/a> to schedule a consultation.<\/strong><\/p>\n\n\n The Justice Department has launched its first criminal prosecution involving the alleged use of cryptocurrency to evade U.S. economic sanctions. In an unusual nine-page opinion, U.S. Magistrate Judge Zia M. Faruqui of Washington, D.C., explained why he approved a Justice … Continue reading \n![\"\"](\"http:\/\/hoorfarlaw.com\/blog\/wp-content\/uploads\/2022\/01\/crypto-crime.jpg\")
<\/a><\/figure><\/div>","protected":false},"excerpt":{"rendered":"