US Sanctions UAE-Based Company Over Alleged North Korea Cryptocurrency Laundering Operation
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The United States Treasury Department has announced a significant crackdown on a North Korean cryptocurrency laundering operation, which allegedly drained millions of dollars in funds.
According to the Treasury’s Office of Foreign Assets Control (OFAC), a UAE-based company called Green Alpine Trading, LLC was instrumental in converting cryptocurrency into cash for the reclusive authoritarian state. The company, along with two Chinese nationals involved since 2022, has been added to the US sanctions blacklist.
The investigation revealed that Green Alpine and its associates were working alongside a North Korean operative to orchestrate this scheme. The accused individuals, Lu Huaying and Zhang Jian, are currently at large, and their whereabouts remain unknown.
Notably, the operation was linked to “illicit revenue generation schemes,” suggesting that the funds being laundered may have been used to fund North Korea’s nuclear weapons programs. This development is part of a broader effort by the US government to curb North Korea’s use of cryptocurrency to fund its regime.
The involvement of Green Alpine in converting cryptocurrency into cash for North Korean entities has significant implications for the global crypto community, highlighting the need for heightened vigilance and cooperation between nations to combat these types of illicit activities.
Source: www.cryptonewsz.com
