United States of America: Issued order in FinCEN investigation into PM2BTC for alleged money laundering in connection with Russian illicit finance

On 26 September 2024, the Financial Crimes Enforcement Network (FinCEN) of the US Treasury Department issued an order under the Combating Russian Money Laundering Act prohibiting certain financial transactions by covered financial institutions involving PM2BTC, a convertible virtual currency exchanger. The order highlighted that PM2BTC has significant ties to Russian illicit finance, including sanctions evasion, ransomware, and fraud, and facilitates direct CVC-to-ruble exchanges through US-sanctioned financial institutions.