The US Division of the Treasury has added a number of cryptocurrency addresses to its Specifically Designated Nationals (SDN) listing underneath the Overseas Narcotics Kingpin Designation Act, also called the Kingpin Act. These addresses, and the people related to them, have been deemed to be related to international narcotics operators.
The Treasury up to date its SDN listing on Aug. 21. The three alleged narcotic operators related to these addresses are Chinese language residents Xiaobing Yan, Fujing Zheng and Guanghua Zheng. The three people all have related Bitcoin (BTC) addresses talked about on the SDN listing, and Guanghua Zheng moreover has a Litecoin (LTC) tackle.
As defined in a White Home information launch from 2015, the Kingpin Act exists to ban buying and selling and transactions between narcotics traffickers and U.S entities — particularly corporations and people. Underneath the act, authorities branches coordinate to analyze international narcotics traffickers. They’re then named in an inventory that’s introduced earlier than the President, who subsequently determines whether or not it’s applicable to impose U.S. sanctions.
Mnuchin: Bitcoin is susceptible to cash laundering
As beforehand reported by Cointelegraph, U.S. Treasury Secretary Steven Mnuchin believes that Bitcoin is susceptible to cash laundering. Mnuchin stated that he intends to intently monitor Bitcoin and believes that billions of dollars in cryptocurrency are used for illicit functions.
Mnuchin has additionally claimed Bitcoin is used for cash laundering way more successfully than the U.S. greenback. In line with Mnuchin, the federal government combats “dangerous actors within the U.S. greenback day-after-day to guard the U.S. monetary system.”