Coinspeaker
US Treasury Seeks Power to Implement More Sanctions on Crypto Exchanges

The US Treasury Department is looking to tighten its grip on the functioning of crypto exchanges in the country. As per the latest Bloomberg report, the Treasury Department has sought more sanctions against the foreign providers of crypto services. It seeks this as part of protecting the national security.

In written testimony before the Senate hearing on Tuesday, April 9, Treasury Deputy Secretary Adewale O. Adeyemo said:

“Our problem is that actors are increasingly finding ways to hide their identities and move resources using virtual currency.”

He further stated that malicious players like terrorists always “seek new ways to move their resources in light of the actions we are taking to cut them off from accessing the traditional financial system”.

The US Treasury further pointed out that Iran’s Quds Force has been funding the militant groups of Hamas as well as the Palestinian Islamic Jihad in Gaza, in cryptocurrencies. The Treasury has already initiated actions against these networks as well as those facilitating smaller donations to Hamas.

Adeyemo als...