Treasury Department Imposing Sanctions to Crack Down on Crypto Payments in Ransomware

The Biden Administration is preparing a range of actions, including sanctions to curb the use of digital currency in ransomware cyberattacks, the Wall Street Journal reported, citing people familiar with the matter.

According to the report, the government hopes to cut down access to a form of payment that is supporting a “booming criminal industry and a rising national security threat.”

“There is a concerted effort to identify tools that can disrupt the flow of money to ransomware operators,” said a US official, adding, this is a continuation of the government’s effort to go after criminal enterprises and their money.

As per the report, these sanctions can be imposed by the Treasury Department as soon as next week. Furthermore, the Department will also be issuing new guidance on the risks of facilitating ransomware payments, including fines and other penalties.

“Later this year, expected new anti-money-laundering and terror-finance rules will seek to limit the use of cryptocurrency as a payment mechanism in ransomware attacks and other illicit activities.”

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