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U.S. Treasury Sanctions UAE Firm for Laundering Crypto Funds to North Korea
The United States has taken a significant step in combatting illicit activities by imposing sanctions on a network based in the United Arab Emirates (UAE) for enabling the laundering of millions of dollars in digital assets for North Korea.
According to reports, Green Alpine Trading LLC, a company based in the UAE, and two Chinese nationals, Lu Huayin and Zhang Jian, were sanctioned by the U.S. Treasury Department for their role in facilitating North Korea’s weapons programs through illegal means.
As it turns out, these individuals have been working closely with Green Alpine Trading since 2022 to convert illicit crypto gains into usable funds. This network has enabled North Korea to fund its nuclear and missile development programs, which poses a significant threat to global security.
It is alarming that the UAE-based company served as a conduit for converting crypto into cash, allowing North Korea to secretly acquire the funds it needs for its weapons programs. The U.S. Treasury Department’s move aims to disrupt these illegal activities by freezing the assets of those involved and prohibiting any transactions with them.
The sanctions come at a time when North Korea has been increasingly relying on cyberattacks against the cryptocurrency sector to generate funds for its illicit activities. These attacks have seen billions of dollars in digital assets stolen, which are then used to fund the country’s nuclear and missile development programs.
The recent sanctions highlight the importance of regulating the crypto industry to prevent such illicit activities from taking place. It is crucial that regulatory bodies take a stronger stance against entities that enable North Korea’s illegal activities.
In a statement, the U.S. Treasury Department emphasized its commitment to stopping these illegal activities and disrupting North Korea’s ability to fund its weapons programs.
Source: www.crypto-news.net
