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Nov. 5 (UPI) — The U.S. Treasury Department announced sanctions against eight individuals and two entities accused of laundering proceeds from North Korean cybercrime and information technology worker fraud schemes that help fund Pyongyang’s weapons programs.

The department’s Office of Foreign Assets Control said Tuesday that North Korea has stolen more than $3 billion over the past three years, using sophisticated techniques such as advanced malware and social engineering to breach financial systems and cryptocurrency platforms.

“North Korean state-sponsored hackers steal and launder money to fund the regime’s nuclear weapons program,” Under Secretary for Terrorism and Financial Intelligence John K. Hurley said in a statement. “By generating revenue for Pyongyang’s weapons development, these actors directly threaten U.S. and global security.”

Hurley added that the Treasury is “identifying and disrupting the facilitators and enablers behind these schemes to cut off the DPRK’s illicit revenue streams.”

The Democratic People’s Republic of Korea is the official name of North Korea.

Among those sanctioned are Jang Kuk Chol and Ho Jong Son, North Korean bankers who allegedly helped manage illicit funds, including $5.3 million in cryptocurrency — some of it linked to ransomware that has previously targeted U.S. victims.

Korea Mangyongdae Computer Technology Co. and its president U Yong Su were also added to the list. The company allegedly operates IT-worker delegations from the Chinese cities of Shenyang and Dandong.

Ryujong Credit Bank, another target, was accused of laundering foreign-currency earnings and moving funds for sanctioned North Korean entities. Six additional individuals were designated for facilitating money transfers.

Under the sanctions, all property and interests in property of the designated individuals and entities within U.S. jurisdiction are blocked, and U.S. persons are generally barred from engaging in transactions with them. Financial institutions dealing with the sanctioned parties may also face enforcement actions.

The move builds on earlier U.S. actions this year against North Korean cyber networks. In July, the State Department sanctioned Song Kum Hyok, a member of the Andariel hacking group, for operating remote IT-worker schemes that funneled wages back to Pyongyang.

The Justice Department also filed criminal charges in 16 states against participants in a campaign that placed North Korean IT workers in U.S. companies.

Tuesday’s OFAC statement cited an October report by the 11-country Multilateral Sanctions Monitoring Team, which described North Korea’s cybercrime apparatus as “a full-spectrum, national program operating at a sophistication approaching the cyber programs of China and Russia.”

The report added that “nearly all the DPRK’s malicious cyber activity, cybercrime, laundering and IT work is carried out under the supervision, direction and for the benefit of entities sanctioned by the United Nations for their role in the DPRK’s unlawful WMD and ballistic missile programs.”

The sanctions follow President Donald Trump‘s recent visit to South Korea, where a much-anticipated meeting with North Korean leader Kim Jong Un failed to materialize.

South Korea’s National Intelligence Service told lawmakers Tuesday that a summit could take place after joint U.S.-South Korean military drills scheduled for March, according to opposition lawmaker Lee Seong-kweun of the People Power Party.

Oct. 29 (UPI) — An Australian cybersecurity expert who served as director of L3Harris Trenchant, a U.S. defense contractor, has pleaded guilty in federal court to selling trade secrets to a Russian broker that resells cyber exploits to buyers including the Russian government.

Peter Williams, 39, pleaded guilty to two counts of theft of trade secrets that had been stolen over a three-year period from the defense contractor where he worked, the U.S. Justice Department announced in a news release.

The Justice Department did not name the American company, but British government corporate records showed it to be L3Harris Trenchant, where he was employed as the director from October 2024 until he resigned in August.

Williams admitted as part of his plea deal that he used his access to steal $35 million worth of trade secrets beginning in 2022 until his resignation, the Justice Department said.

Using the alias John Taylor, Williams then entered into “multiple written contracts” with a Russian broker who paid him some $1.3 million in cryptocurrency, and then used the money to buy himself fake Rolexes and high-end jewelry.

Sources told Australia’s ABC broadcaster that Williams previously worked for the Australian Signals Directorate, the country’s equivalent to the U.S. National Security Agency.

Precise details of what was stolen by Williams have not been made public, but the Justice Department said the materials were “national security-focused software that included at least eight sensitive and protected cyber-exploit components.”

“America’s national security is not for sale, especially in an evolving threat landscape where cybercrime poses a serious danger to our citizens,” Attorney General Pam Bondi said in a statement.

Williams faces up to 10 years in prison for each count at his sentencing, expected to take place next year. He also faces fines of up to $300,000 and will have to pay restitution of $1.3 million.

WASHINGTON — President Trump has pardoned Binance founder Changpeng Zhao, who created the world’s largest cryptocurrency exchange and served prison time for failing to stop criminals from using the platform to move money connected to child sex abuse, drug trafficking and terrorism.

The pardon caps a monthslong effort by Zhao, a billionaire commonly known as CZ in the crypto world and one of the biggest names in the industry. He and Binance have been key supporters of some of the Trump family’s crypto enterprises.

“Deeply grateful for today’s pardon and to President Trump for upholding America’s commitment to fairness, innovation, and justice,” Zhao said on social media Thursday.

Zhao’s pardon is the last move by a president who has flexed his executive power to bestow clemency on political allies, prominent public figures and others convicted of crimes.

White House press secretary Karoline Leavitt announced the pardon in a statement and later told reporters in a briefing that the White House counsel’s office “thoroughly reviewed” the request. She said the administration of Democratic President Biden pursued “an egregious oversentencing” in the case, was “very hostile to the cryptocurrency industry” and Trump “wants to correct this overreach.”

The crypto industry has also long complained it was subject to a “regulation by enforcement” ethos under the Biden administration. Trump’s pardon of Zhao fits into a broad pattern of his taking a hands-off approach to an industry that spent heavily to help him win the election in 2024. His administration has dropped several enforcement actions against crypto companies that began during Biden’s term and disbanded the crypto-related enforcement team at the Justice Department.

Former federal prosecutor Mark Bini said Zhao went to prison for what “sounds like a regulatory offense, or at worst its kissing cousin.”

“So this pardon, while it involves the biggest name in crypto, is not very surprising,” said Bini, a white collar defense lawyer who handles crypto issues at Reed Smith.

Zhao was released from prison last year after receiving a four-month sentence for violating the Bank Secrecy Act. He was the first person ever sentenced to prison time for such violations of that law, which requires U.S. financial institutions to know who their customers are, to monitor transactions and to file reports of suspicious activity. Prosecutors said no one had ever violated the regulations to the extent Zhao did.

The judge in the case said he was troubled by Zhao’s decision to ignore U.S. banking requirements that would have slowed the company’s explosive growth.

“Better to ask for forgiveness than permission,” was what Zhao told his employees about the company’s approach to U.S. law, prosecutors said. Binance allowed more than 1.5 million virtual currency trades, totaling nearly $900 million, that violated U.S. sanctions, including ones involving Hamas’ al-Qassam Brigades, Al Qaeda and Iran, prosecutors said.

“I failed here,” Zhao told the court last year during sentencing. “I deeply regret my failure, and I am sorry.”

Zhao had a remarkable path to becoming a crypto billionaire. He grew up in rural China and his family immigrated to Canada after the 1989 Tiananmen Square massacre. As a teenager, he worked at a McDonald’s and became enamored with the tech industry in college. He founded Binance in 2017.

In addition to taking pro-crypto enforcement and regulatory positions, the president and his family have plunged headfirst into making money in crypto.

A stablecoin launched by World Liberty Financial, a crypto project founded by Trump and sons Donald Jr. and Eric, received early support and credibility thanks to an investment fund in the United Arab Emirates using $2-billion worth of World Liberty’s stablecoin to purchase a stake in Binance. Stablecoins are a type of cryptocurrency typically tied to the value of the U.S. dollar.

A separate World Liberty Financial token saw a huge spike in price Thursday shortly after news of the pardon was made public, with gains that far outpaced any other major cryptocurrency, according to data from CoinMarketCap.

Zhao said earlier this year that his lawyers had requested a pardon.

It is not immediately clear what effect Trump’s pardon of Zhao may have for operations at Binance and Binance.US, a separate arm of the main exchange offering more limited trading options to U.S. residents.

Weissert and Suderman write for the Associated Press. Suderman reported from Richmond, Va.

Oct. 14 (UPI) — Britain and the United States announced Tuesday that they have together sanctioned a transnational scam organization operating out of Cambodia.

The U.S. Department of Treasury Office of Foreign Assets Control announced it has imposed sweeping sanctions on 146 targets within the Prince Group transnational criminal organization, a Cambodia-based network led by Cambodian national Chen Zhi that operates a global criminal empire through online investment scams.

It also announced that the Financial Crimes Enforcement Network has finalized a rule under the USA Patriot Act to sever the Cambodia-based financial services conglomerate Huione Group from the U.S. financial system. “For years, Huione Group has laundered proceeds of virtual currency scams and heists on behalf of malicious cyber actors,” the press release said.

Covered financial institutions are now banned from opening or maintaining accounts for Huione Group, the Treasury Department said.

“The rapid rise of transnational fraud has cost American citizens billions of dollars, with life savings wiped out in minutes,” said Secretary of Treasury Scott Bessent in a statement. “Treasury is taking action to protect Americans by cracking down on foreign scammers. Working in close coordination with federal law enforcement and international partners like the United Kingdom, Treasury will continue to lead efforts to safeguard Americans from predatory criminals.”

In the U.K., a $16 million mansion owned by the Prince Group has been frozen by the government. Chen Zhi and his network have invested in the London property market, including the mansion, a $133 million office building and 17 apartments in the city. The freeze blocks them from profiting from these buildings.

The organization’s scam centers in Cambodia, Myanmar and other parts of Southeast Asia use fake job ads to lure foreign nationals to compounds or abandoned casinos where they are forced to carry out online fraud or face torture, the British press release said.

The scams often involve building online relationships to convince targets to invest increasingly large sums of money into fraudulent cryptocurrency schemes.

“These sanctions prove our determination to stop those who profit from this activity, hold offenders accountable, and keep dirty money out of the U.K.,” said Fraud Minister David Hanson in a statement. “Through our new, expanded fraud strategy and the upcoming Global Fraud Summit, we will go even further to disrupt corrupt networks and protect the public from shameless criminals.”

South Korea has faced a surge of kidnappings of its citizens in Cambodia. As of August, at least 330 cases were reported, according to data submitted to the National Assembly.

In June, Amnesty International said the Cambodian government has been “deliberately ignoring” human rights abuses including slavery, human trafficking, child labor and torture by gangs. It estimated that there were at least 53 scamming compounds in Cambodia.

In September, the Treasury Department sanctioned scam centers across Southeast Asia that the agency said stole $10 billion in 2024 from Americans via forced labor and violence.

SEOUL, Oct. 8 (UPI) — North Korea-backed hackers have stolen more than $2 billion in cryptoassets so far this year, according to blockchain analytics firm Elliptic.

In a report published on the company’s website Tuesday, researchers said that the sum was the result of more than 30 hacks and represented “the largest annual total on record, with three months still to go.”

This year’s record haul was driven by the theft of nearly $1.5 billion in virtual assets from cryptocurrency exchange Bybit by the North’s state-sponsored Lazarus Group, in what has been described as the biggest heist in history.

Other attacks publicly attributed to North Korea in 2025 include $14 million stolen from nine users on crypto exchange WOO X in July and $1.2 million in tokens stolen from blockchain funding platform Seedify in September.

While North Korea remains under heavy international sanctions, it has increasingly turned to hacking and cybertheft in recent years to bankroll its missile and nuclear programs.

Pyongyang funds 40% of its weapons programs through “illicit cybermeans,” the U.N. Security Council’s now-disbanded Panel of Experts estimated in an annual report released last year.

The cumulative known value of cryptoassets stolen by North Korea since 2017 is more than $6 billion, Elliptic said, adding that the actual figure may be higher.

“We are aware of many other thefts that share some of the hallmarks of North Korea-linked activity but lack sufficient evidence to be definitively attributed,” the report said. “Other thefts are likely unreported and remain unknown.”

Elliptic noted that the tactics used by North Korean hackers are evolving. While earlier attacks focused on exploiting vulnerabilities in crypto infrastructure, the majority of the hacks in 2025 have been perpetrated through “social engineering” — deceiving or manipulating individuals to gain access to their digital assets.

“This shift highlights that the weak point in cryptocurrency security is increasingly human, rather than technical,” the report said.

SEOUL, Oct. 2 (UPI) — The share price of Naver surged some 10% over the past week after reports that the leading internet company of South Korea may merge with Dunamu, a major player in the country’s cryptocurrency industry.

Naver’s affiliate, Naver Financial, is reportedly in talks with Dunamu, which operates the world’s No. 4 crypto exchange Upbit, for a stock-for-stock merger. If finalized, Dunamu would become one of Naver’s subsidiaries.

Both companies confirmed Thursday that such negotiations were underway, but they declined to provide details.

“Beyond discussions on stablecoins and an unlisted stock trading platform, Dunamu and Naver Pay are exploring a range of additional collaborations. No further details or specific agreements have been finalized at this time,” Dunamu’s chief spokesman Juan Kim told UPI.

Naver Pay, the digital payments service of Naver Financial, boasts a customer base of more than 30 million. Naver holds about 70% of the firm, with Mirae Asset Group holding the remaining 30%. Dunamu remains privately held, with its founding Chairman Song Chi-hyung having a 25.5% stake.

Even if a deal is reached, it would require approval from the shareholders of both sides. At least two-thirds of participants at each company’s shareholder meeting must vote in favor.

Market sentiment suggests that approval is likely, in consideration of the recent sharp rise in Naver’s share price on the Seoul bourse. That of Dunamu has also soared in the over-the-counter trading.

Creating new digital finance ecosystems

Observers point out that amalgamation between Naver Financial and Dunamu could reshape South Korea’s financial landscape, enabling them to compete more effectively with large-sized global rivals.

One major synergy could come from the introduction of a stablecoin, a cryptocurrency pegged to a stable asset like the U.S. dollar. This compares to most other cryptocurrencies, which fluctuate greatly in value.

Daishin Securities analyst Lee Ji-eun said in a recent report that the combined entity could link its stablecoin to Naver Pay, boosting mainstream adoption.

“In the long term, they could seek to dominate the Korean currency-based stablecoin market and provide services such as investment returns and lending by utilizing deposits as collateral,” she said.

Mirae Asset Securities projects that such a business model would provide roughly $210 million in annual revenue by the end of this decade.

Sogang University Professor Yoon Seok-bin described the potential deal as “the marriage of Web 2.0 and Web 3.0 businesses.” The former represents interactive, platform-based services, while the latter focuses on decentralized technologies.

“Both Naver Financial and Dunamu are already profitable. Together, I think they can bring about various new services such as a stablecoin and an all-in-one mobile application called a ‘super app,'” Yoon said in a phone interview.

“In addition, Naver Financial will be able to help Dunamu’s Upbit go abroad. Upbit is the primary crypto exchange in the country, but has yet to establish a notable global footprint. Based on Dunamu’s strong cash flow, Naver Financial will also have a chance to challenge bigger competitors, including PayPal and Stripe,” he added.

Naver Financial recorded $1.18 billion in sales last year for an operating profit of $74 million. Dunamu logged $1.24 billion in revenue, with an operating income of $847 million. Dunamu’s operating margin amounted to 68.5%.

Some watchers say that lucrative Dunamu opted to become a Naver affiliate to achieve its long-standing goal of going public in the United States based on the global brand power of Naver, which listed its U.S. unit Webtoon Entertainment on Nasdaq last year.

Expecting the merger will be structured as an equity swap, Eugene Investment & Securities analyst Jo Tae-na said that Dunamu chairman Song would be the largest shareholder of the new company.

Her rationale: Because the value of Dunamu is about three times bigger than that of Naver Financial, such an outcome is plausible through an equity swap.

“Following the merger, a global listing is expected to lead to at least 1.5 to 2 times higher valuation compared to Dunamu’s standalone listing,” she said in a report. “If the new company goes public, its corporate value could reach $29 billion to $36 billion.”

Sept. 30 (UPI) — A 47-year-old Chinese national has pleaded guilty in Britain to a multi-billion-dollar Bitcoin scheme, according to Metropolitan Police, which said it has made what is possibly the “world’s largest” cryptocurrency seizure, worth more than $7.3 billion

Metropolitan Police said Zhimin Qian of no fixed address pleaded guilty Monday to charges of acquiring criminal property and possessing criminal property, with the property in both offenses being cryptocurrency.

The charges stem from allegations that Qian, also known as Yadi Zhang, orchestrated a massive fraud scheme in her native China, defrauding more than 128,000 victims between 2014 and 2017.

Authorities said she stored the illegally obtained funds in Bitcoin assets. She fled to Britain in September 2018 with the use of false documents and attempted to launder the proceeds by purchasing property.

wHer guilty plea on Monday follows seven years of investigation by the Metropolitan Police, authorities said.

“Today’s guilty plea marks the culmination of years of dedicated investigation by the Met’s Economic Crime teams and our partners,” Will Lyne, Metropolitan Police’s head of Economic and Cybercrime Command, said in a statement.

“This is one of the largest money laundering cases in U.K. history and among the highest-value cryptocurrency cases globally.

“I am extremely proud of the team.”

Authorities said that Qian had worked with Jian Wen, who was sentenced to more than 6 1/2 years in prison for her role in the scheme in January.

Wen, a 44-year-old former restaurant worker, had purchased two properties worth more than $672,000 in Dubai for Qian in 2019.

Authorities said that Wen was in possession of a cryptocurrency wallet with more than $403.3 million. She told police that she had worked for a Chinese national who had asked her to buy the Dubai properties and that she was unaware that the Bitcoins in her possession were the product of crime.

Metropolitan Police said it had seized more than 61,000 Bitcoin from Qian.

Specifics of how Qian defrauded victims of so much money in China were not initially clear.

“Bitcoin and other cryptocurrencies are increasingly being used by organized criminals to disguise and transfer assets, so that fraudsters may enjoy the benefits of their criminal conduct,” Robin Weyell, deputy chief crown prosecutor for the Crown Prosecution Service, said.

“This case, involving the largest cryptocurrency seizure in the U.K., illustrates the scale of criminal proceeds available to those fraudsters.”

Sept. 16 (UPI) — The U.S. Department of Treasury announced Tuesday that it’s sanctioning two Iranian financial facilitators and more than a dozen Hong Kong- and United Arab Emirates-based people and entities for “shadow banking” in support of Iran.

The Treasury Department alleged that these people helped coordinate funds transfers, including from the sale of Iranian oil, that benefited the IRGC-Qods Force and Iran’s Ministry of Defense and Armed Forces Logistics, a press release said.

“Iranian entities rely on shadow banking networks to evade sanctions and move millions through the international financial system,” Under Secretary of the Treasury for Terrorism and Financial Intelligence John K. Hurley said in a statement. “Under President [Donald] Trump’s leadership, we will continue to disrupt these key financial streams that fund Iran’s weapons programs and malign activities in the Middle East and beyond.”

The department said that between 2023 and 2025, Iranian nationals Alireza Derakhshan and Arash Estaki Alivand worked to facilitate the purchase of over $100 million worth of cryptocurrency for oil sales for the Iranian government. Derakhshan and Alivand used a network of front companies in foreign jurisdictions to transfer the cryptocurrency funds, the release said.

The two are now considered “blocked,” meaning all their assets in the United States will be seized, and Americans and their companies can’t do business with them or their businesses.

Besides Derakhshan and Alivand, the department named several other people and businesses that are now blocked from American trade.

Shadow banking is credit intermediation by entities outside the regular banking system, performing bank-like functions, like maturity transformation and liquidity transformation, without the same strict regulatory oversight as traditional banks.

Britain, Germany and France sent a letter in late August to the United Nations Security Council saying they are starting the 30-day process of “snapback” of sanctions against Iran.

The snapback is used to re-impose sanctions on Iran in the event of “significant non-performance” of treaty commitments. The sanctions were suspended under the 2015 Joint Comprehensive Plan of Action nuclear deal.

Sept. 15 (UPI) — Israel’s Ministry of Defense announced Monday the seizure of 187 cryptocurrency wallets that have received $1.5 billion. Israel says the wallets are linked to Iran’s Islamic Revolutionary Guard Corps, or IRGC, which has been designated as a terrorist group.

While $1.5 billion moved through the wallets over time, they currently hold $1.5 million, according to a document, detailing the seizure order and freezing the wallets from making any future transactions.

“Pursuant to my authority according to section 56b of the Anti-Terrorism Law 5776 — 2016 and having been convinced that the cryptocurrency wallets specified in the list are property of the designated terrorist organization Iran’s Revolutionary Guards, or property used for the perpetration of a severe terror crime as defined by the law, I hereby order the seizure of the property,” Israel Katz, minister of defense, wrote in the Administrative Seizure Order.

Israel, the European Union and the United States are among a number of countries that have sanctioned the IRGC as a terrorist organization. Blockchain monitoring firm Elliptic said it cannot confirm whether the wallets do belong to the IRGC.

“Some of the addresses may be controlled by cryptocurrency services and could be part of wallet infrastructure used to facilitate transactions for many customers,” Elliptic said in a blog post.

This is not the first time the IRGC has been linked to the use of cryptocurrency.

In June, more than $90 million was allegedly stolen from the Iranian crypto exchange Nobitex by a pro-Israel group. Elliptic has linked Nobitex to the IRGC.

Last December, the U.S. Treasury Department added cryptocurrency addresses, which had received $332 million, to its sanctions lists.

And on Friday, the U.S. Justice Department announced it had seized $584,741 from Iranian national Mohammad Abedini, who runs a navigation systems business used by IRGC’s military drone program.

“There were always rumors that IRGC was using cryptocurrency to circumvent sanctions,” said Amir Rashidi, director of digital rights and security at the Iran-focused nonprofit Miaan Group.

“Many of these cases might, for example, involve exchanges that are not directly part of the IRGC but are connected to it, similar to many banks, financial and credit institutions, or even companies that appear to be private.”

Sept. 4 (UPI) — Several leaders from the tech sector will travel to the White House on Thursday for the fist event in the newly renovated Rose Garden.

Guests expected to attend include Apple CEO Tim Cook, Microsoft founder Bill Gates Meta founder Mark Zuckerberg and OpenAI founder Sam Altman, among more than two dozen other prominent tech and business guests.

Venture capitalist David Sacks, who has served as the White House czar on AI and cryptocurrency, will also be in attendance.

According to a press release, First Lady Melania Trump will host a meeting of the White House Task Force on Artificial Intelligence Education, at which she will speak, alongside Task Force members and leaders from the private AI technology sphere.

President Donald Trump will then lead an event in the Rose Garden with the guests, which will be the first such happening there since it was renovated under the direction of the Trumps.

“The Rose Garden Club at the White House is the hottest place to be in Washington, or perhaps the world,” White House spokesperson Davis Ingle said in a statement to The Hill.

“The president looks forward to welcoming top business, political, and tech leaders for this dinner and the many dinners to come on the new, beautiful Rose Garden patio,” he added.

Those in attendance will see changes to the Rose Garden such as pavement over the former grassy space, with umbrella-shaded tables set in similar fashion to patio arrangements found at Trump’s Mar-a-Lago property in Florida.

One top tech leader not on the guest list is Tesla CEO and SpaceX founder Elon Musk, who served as an advisor to Trump and the head of the Department of Government Efficiency, or DOGE.

Trump and Musk famously feuded shortly after Musk left working with the government.

When Bitcoin was created in 2009, it was seen as nothing more than a niche internet experiment. There are plenty of stories about people using the cryptocurrency to buy items like pizza, gift cards, or coffee (a decision they likely rue now).

But as Bitcoin became more popular, many other cryptocurrencies emerged. Some of these have legitimate use cases, and some can be viewed as nothing but a quick cash grab from their creators and early insiders. One cryptocurrency that falls into the former category is XRP (XRP 3.48%).

XRP is a cryptocurrency that enables fast and cheap cross-border payments, and it has had a great run over the past 12 months, up over 390%. That’s over five times the returns of Bitcoin and Ethereum in that span. The recent rally may have investors thinking they missed the wave, but there’s one big reason why there’s still time to hop on the boat.

Image source: Getty Images.

Cross-border payments are becoming more frequent

Sending money from one country to another has traditionally been expensive because of the reliance on banks (and pre-funded accounts) and high intermediary fees. However, with the introduction of XRP and other nontraditional sources, these transactions are increasingly becoming cheaper and more frequent.

According to Allied Market Research, the global cross-border payments market was around $206 trillion at the end of 2024. By 2034, it’s expected to be around $414 trillion. This is great news for XRP because it feeds right into its main use case of being a bridge currency to facilitate these transactions.

What traditionally could cost someone 5% to 7% of the transfer amount , XRP is able to do it for fractions of a cent and much faster. If XRP can capture even a small fraction of the cross-border payment flow, it can be a good investment for some time. 

Aug. 14 (UPI) — The State and Treasury departments are offering rewards of up to $6 million for information leading to arrests in a Russian-operated cryptocurrency scheme, officials announced Thursday.

Garantex, a Russian-operated cryptocurrency exchange, allegedly used a series of criminals and cybercrime organizations to launder billions of dollars using hacking software, ransomware, terrorism and drug trafficking schemes, the FBI and Secret Service said.

“Between April 2019 and March 2025, Gartantex processed at least $96 billion in cryptocurrency transactions,” a release from the State Department said.

The State Department is offering individual rewards of $5 million and $1 million for Russian national Aleksandr Mira Serda, and other Garantex leaders.

The department is also targeting Grinex, a cryptocurrency exchange that was established as Garantex’s successor.

Published on
08/08/2025 – 14:08 GMT+2

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Binance is partnering with Spain’s Banco Bilbao Vizcaya Argentaria (BBVA) to allow crypto customers to store their funds with the bank instead of keeping them directly on the crypto exchange, according to reporting by the Financial Times.

The move is aimed at rebuilding trust with investors after Binance was hit with a record fine from US regulators nearly two years ago.

Binance is the world’s largest cryptocurrency exchange by trading volume, and it handles billions of dollars in trades each day across hundreds of cryptocurrencies.

What does this mean for crypto?

BBVA, as a bank, will act as an “independent custodian” or a separate and trusted third party and ensure a greater level of safety when it comes to customers’ funds or assets that are traded through Binance.

As the second largest bank in Spain and praised for its innovation and sustainability, BBVA will act as a security guarantee, giving traders a reduced risk while encouraging them to invest in the high-returns crypto exchange.

By storing them with BBVA, if Binance runs into trouble, like being hacked, declaring bankruptcy or facing regulatory action, the funds would still be safe with BBVA.

Banks are much more closely regulated than crypto exchanges, so BBVA’s obligation to follow compliance rules should lead to more interest in crypto overall.

Essentially, the move is akin to putting your valuables in a safe or a secure bank, instead of being displayed in a storefront as they’re being bought and sold.

Binance trying to clean up its reputation

Binance, the world’s largest crypto exchange, got slammed in 2023 with a record $4.3 billion (€3.69bn) fine after US regulators accused it of not keeping checks on its trading floor.

US officials said Binance allowed shady funds to flow through its exchange and allegedly permitted laundered money to be used, helping its big clients dodge the rules.

Founder Changpeng ‘CZ’ Zhao stepped down and served four months in prison for failing to stop money laundering.

Now, with regulators watching its every move, Binance is trying to clean up its act and by partnering with Spain’s BBVA, hopes to prove it can play by the rules.

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What the US government dubbed as the “Crypto Week” yielded in the House passing the first federal legislation to regulate stablecoins. As it has been previously approved by the Senate, it comes into effect the moment the president signs it.

Two additional crypto-related bills also passed in the House and will now proceed to the Senate.

This is a major win for the crypto industry, which poured millions into last year’s election, supporting candidates, including Donald Trump, who became a major advocate for cryptocurrency investments.

The House had three crypto-related bills to pass this “Crypto Week”. However, the bills were stalled for more than a day due to disagreements among House Republicans over how to combine the legislation.

Ultimately, GOP leaders put the three bills up for separate votes. One of the three bills, legislation to regulate a type of cryptocurrency called stablecoins, had already passed the Senate with broad bipartisan support and will now head to Trump’s desk.

The other two bills — a broader measure to create a new market structure for cryptocurrency and a bill to prohibit the Federal Reserve from issuing a new digital currency — will be considered by the Senate later.

How stablecoin is being regulated in the US

The stablecoin bill, called the “Genius Act”, sets initial guardrails and consumer protections for the cryptocurrency, with reserve requirements, audits, and compliance.

Stablecoins are digital tokens tied to a stable asset, often the US dollar, to reduce price volatility.

“Around the world, payment systems are undergoing a revolution,” said House Financial Services Chair French Hill of Arkansas as lawmakers debated the stablecoin legislation Thursday morning. Hill said the bill will “ensure American competitiveness and strong guardrails for our consumers.”

The stablecoin measure is seen by lawmakers and the industry as a step toward adding legitimacy and consumer trust to a rapidly growing sector. US Treasury Secretary Scott Bessent said in June that the legislation could help that currency “grow into a $3.7 trillion (€3.2tr) market by the end of the decade.”

The bill outlines requirements for stablecoin issuers, including compliance with US anti-money laundering and sanctions laws, and mandates that issuers hold reserves backing the cryptocurrency.

Without such a framework, Republicans on the Senate Banking Committee warned in a statement, “consumers face risks like unstable reserves or unclear operations from stablecoin issuers.”

After the votes, House Republicans strongly urged the Senate to take up the second bill, which would create a new market structure for cryptocurrency.

That legislation aims to provide clarity for how digital assets are regulated. The bill defines what forms of cryptocurrency should be treated as commodities regulated by the Commodity Futures Trading Commission and which are securities policed by the Securities and Exchange Commission. In general, tokens associated with “mature” blockchains, like Bitcoin, will be considered commodities.

The third bill, passed in the House on a narrower 219-210 margin, prohibits the US from offering what is known as a “central bank digital currency,” which is a government-issued form of digital cash.

Why the US needs crypto regulation

The crypto industry has long complained that unclear laws have made it difficult to operate in the US and that the Biden administration attempted to regulate it through enforcement actions rather than transparent rulemaking.

Passing this bill has been a top priority for the industry, which has quickly become a major player in Washington, thanks to substantial campaign donations and lobbying efforts.

Patrick McHenry, the former chair of the House Financial Services Committee and now vice chair of the crypto firm Ondo Finance, said the legislation will have a “massive generational impact,” similar to the securities laws Congress passed in the 1930s that helped make Wall Street the centre of the financial world.

“These bills will make the United States the centre of the world for digital assets,” he said.

While the bill has significant bipartisan support, it has also faced pushback from Democrats who argue that the legislation should address Trump’s personal financial interests in the cryptocurrency space.

A provision in the stablecoin bill bans members of Congress and their families from profiting off stablecoins. But that prohibition does not extend to the president and his family.

According to Forbes, the president’s crypto holdings are worth more than any single real estate asset in his portfolio, an estimated $1 billion (€860 million).

The Republican president’s family holds a significant stake in World Liberty Financial, a crypto project that launched its own stablecoin, USD1.

Trump reported earning $57.35 million (€49.2 million) from token sales at World Liberty Financial in 2024, according to a public financial disclosure released in June.

Some Democrats also criticised the bill for creating what they see as an overly weak regulatory framework that could pose long-term financial risks. They have also raised concerns that the legislation opens the door for major corporations to issue their own private cryptocurrencies.

“If this bill passes, it will allow Elon Musk and Mark Zuckerberg to issue their own money. The bill still permits Big Tech companies and other conglomerates to issue their own private currencies,” said Massachusetts Senator Elizabeth Warren, the top Democrat on the Senate Banking Committee.

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The price of Bitcoin (BTC) is expected to reach a high of $162,353 this year (€139,148), before it settles at around $145,167 (€124,418).

That’s according to UK fintech firm Finder’s latest survey, collecting price predictions from 24 crypto industry specialists.

Within responses, high and low estimates range widely, and the most optimistic predictions expect a peak price of $250,000 this year. The average lowest price prediction sits at $87,618, with some predicting that Bitcoin will fall as low as $70,000.

The cryptocurrency has recently reached $120,000 from just below $100,000 at the end of last year. 

“There are a number of factors increasing demand for Bitcoin, including clearer and more favourable regulations, increased utility such as payments, and changing economic conditions,” crypto exchange Zondacrypto’s CEO, Przemysław Kral, told Euronews.

He added that regulations such as the EU’s MiCA contributed significantly to the recent rally. The Markets in Crypto-Assets Regulation (MiCA) sets uniform EU market rules for crypto-assets. This, coupled with an increased interest from institutional players, largely in the form of exchange-traded funds (ETFs), made crypto more accessible for many. 

Cryptocurrency-based ETFs make it easier for investors to gain exposure to cryptocurrencies without having to buy them directly. These funds have exploded in popularity since Bitcoin ETFs began trading in US markets last year. 

Is there a bubble around Bitcoin?

While the integration of crypto into mainstream finance has genuinely boosted interest towards Bitcoin, there is a possibility that a so-called bubble is forming. In other words, the price is being ‘blown up’ by investor interest without fundamentals supporting it. 

According to Northeastern University’s crypto expert and professor of international business and strategy Ravi Sarathy, big institutional investors, including MicroStrategy, have been accumulating large pools of this asset, and it is possible that they are propping up the price of the cryptocurrency. MicroStrategy holds a Bitcoin stash worth approximately $65bn.

After the previous reluctant approach from institutional investors, “new US measures authorising Bitcoin ETF funds have made it easier and more convenient for both institutions and retail investors to invest some of their resources in these higher risk/higher return Bitcoin vehicles”,  Sarathy told Euronews Business. 

Bitcoin issuance has a ceiling of 21 million, driving rising demand in the face of a limited supply. “This has also led to the rise of Digital Asset Treasuries (a corporate strategy, ed.) which seek investor funds to invest in a variety of cryptocurrencies and tokens, including Bitcoin, a further fillip to demand, and fuelling rapid Bitcoin price appreciation,” Sarathy said, adding that after a short reaction to further US legislation, longer-term price appreciation could still continue.

How Washington is fuelling Bitcoin’s rally

Interest in Bitcoin has increased dramatically since US President Donald Trump widely campaigned to make the US the world capital for crypto. The US administration’s support for crypto assets reached new highs recently as the government dubbed this week ‘Crypto Week’. Lawmakers in the House are debating a series of bills that could define the regulatory framework for the industry in the United States. 

“Bitcoin and crypto in general, is being propped up by the Trump administration, ironically given its initial promotion as an alternative to government-backed currencies and support from libertarians,” said John Hawkins, senior lecturer at the University of Canberra.

He believes that the token “lacks any fundamental value, and after 16 years, it has still failed to meet its initial aspiration to be a common means of payment. It remains a speculative bubble.”

Others see Trump’s support as a reason to buy. 

Rouge International & Rouge Ventures’ managing director, Desmond Marshall, said that “Together with Trump’s embrace of digital crypto assets, his sons dealing with huge amounts of crypto projects and the strong US dollar, the US government is already buying large reserves of BTC. This is supported by many businesses venturing into this realm with enterprise crypto strategies.”

The most bullish crypto specialists, expecting a large price increase, bet that Bitcoin could reach $250,000, buoyed by institutional demand.

“Corporate and institutional demand is not slowing down while retail is still absent and nation state adoption is just getting started,” said Martin Froehler, CEO of Morpher trading platform.

Bitcoin’s price has increased nearly 25% since the beginning of the year, despite ongoing uncertainties related to tariff tensions, the conflict in the Middle East, and the lack of monetary policy easing in the US.

Is it the right time to buy Bitcoin?

Around 61% of the experts surveyed believe that it is the right time to buy. 

However, caution is always important, according to crypto exchange Zondacrypto’s CEO, Przemysław Kral.

He told Euronews: “With such hype comes the need for caution. No one knows whether the price will go up or down. We always recommend doing your research and getting educated on Bitcoin before investing in it.” 

Kadan Stadelmann, the CTO at Komodo Platform, believes that Bitcoin is going to steadily grow in value over the next six months before it returns to a bear market (when investors mainly sell instead of buy).

“Considering Bitcoin touched $110,000 already, and there’s still at least six months left in this bull run…I expect the peak around Q1 of 2026 and a bear market to follow,” said Stadelmann.

When asked what their expectations were for the very long term, the crypto experts surveyed by Finer said Bitcoin could reach values of $458,647 by 2030 and surpass $1 million by 2035.

How quantum computing might impact Bitcoin’s cryptographic security

The vast majority of the crypto specialists surveyed (79%) see quantum computing as a threat to Bitcoin’s cryptographic security, as quantum computers could potentially break the encryption standards that secure cryptocurrencies.

A quarter of the experts (25%) think that quantum computers will be able to crack Bitcoin within the next five years, and another 25% find that it’s a realistic possibility within the next five to ten years. The remainder (29%) say it’ll take longer than ten years.

Just 8% say that quantum computers pose no threat, and only a third of the experts are confident that the Bitcoin community is somewhat prepared for this threat. 

Disclaimer: This information does not constitute financial advice; always do your own research to ensure it’s right for your specific circumstances. We are a journalistic website and aim to provide the best guides, tips and advice from experts. If you rely on the information on this page, then you do so entirely at your own risk.

July 17 (UPI) — The House of Representatives voted to regulate digital currencies and protect their owners on Thursday during what many lawmakers called “crypto week.”

The House voted 308-222 to approve the Guiding and Establishing National Innovation for U.S. Stablecoins Act, which is dubbed the GENIUS Act.

The measure goes to President Donald Trump for signing and establishes financial guidelines and protections for owners of stablecoins.

“For far too long, America’s digital assets industry has been stifled by ambiguous rules, confusing enforcement and the Biden administration’s anti-crypto crusade,” House Majority Whip Tom Emmer, R-Minn., told media on Thursday.

“President Trump and this Congress are correcting course and unleashing America’s digital asset potential with historic, transformative legislation,” Emmer said.

“President Trump promised to make America the crypto capital of the world,” Emmer added. “Today, we delivered.”

Stablecoins are digital assets that are tied to tangible assets, such as the U.S. dollar, to make them more stable in comparison to other types of cryptocurrencies that derive their value from market demand.

A dozen Republican House members voted against the measure, the passage of which was delayed by GOP-based opposition on Tuesday.

The president met with 11 Republican lawmakers who stopped the measure’s passage and on Tuesday evening announced they reached an agreement to pass the GENIUS Act.

Despite Trump’s announcement, several GOP lawmakers stalled the measure’s passage for nine hours on Wednesday, which delayed its passage to Thursday.

The House also passed the Digital Asset Market Clarity Act of 2025 with a 294-134 vote and the Anti-Central Bank Digital Currency Act with a 219-210 vote.

Those measures go to the Senate for consideration.

The Anti-CBDC Act would ban the Federal Reserve from issuing its own version of a cryptocurrency.

Those who oppose a Federal Reserve-issued digital currency say it would enable the federal government to monitor the currency and track its use.

The Digital Asset Market Clarity Act of 2025 would define digital assets as commodities, securities or stablecoins.

The proposed act also would divide regulatory control of the digital assets between the Commodity Futures Trading Commission and the Securities and Exchange Commission.

House approval of the three measures occurred during what many Republican lawmakers called “crypto week” on Capitol Hill.

July 16 (UPI) — President Donald Trump said a deal has been made with almost all the Republican House members who sank a procedural vote on his cryptocurrency bills Tuesday.

“I am in the Oval Office with 11 of the 12 congressmen/women necessary to pass the Genius Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the rule,” Trump said via Truth Social Tuesday.

“Speaker of the House Mike Johnson was at the meeting via telephone, and looks forward to taking the vote as early as possible,” he added.

Two of the bills in question are the aforementioned Genius Act, which would regulate stablecoins and the Clarity Act, which would set rules to decide if an asset is to be regulated as either a security by the Securities and Exchange Commission or as a commodity supervised by the Commodity Futures Trading Commission.

The third bill would stop the creation of a central bank digital currency by the Federal Reserve.

It is unclear what guarantees Trump made to lock in the 11 switched votes of support for the procedural rule.

“I’m thankful for President Trump getting involved tonight,” posted Speaker Mike Johnson, R-La., to X Tuesday, who then declared that the Genius Act will pass when the new vote happens Wednesday.

Shares of stablecoin companies Circle and Coinbase had both dropped Tuesday upon the failure of the procedural vote, as did shares of the digital asset firm MARA Holdings, but all three had upward-heading premarket numbers Wednesday.

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Bitcoin has reached a new all-time high, trading at more than $118,000 (€100,000) on Friday. It followed an enthusiastic trading day on the US stock markets on Thursday, where the main index for tech companies, the Nasdaq, hit a record value.

Interest in Bitcoin was fuelled by a bullish, optimistic trading outlook across risk assets and an appetite for investment in tech companies, such as Nvidia, which recently surged to a $4 trillion valuation. 

Bitcoin’s all-time high also comes days before what the US House of Representatives, one of Congress’ two chambers, has labelled as “Crypto Week”, starting on 14 July. This is when lawmakers are expected to debate a series of bills that could define the regulatory framework for the industry in the United States. 

Bitcoin gained more than 20% this year against the US dollar. 

Bloomberg’s data shows that investors poured around $1.2 billion (€1bn) into Bitcoin ETFs (exchange-traded funds) on Thursday, pushing the price to a new high beyond $116,000 before the rally continued on Friday. 

Much of the investments pouring into crypto came through ETFs. Cryptocurrency-based ETFs make it easier for investors to gain exposure to cryptocurrencies without having to buy them directly. These funds have exploded in popularity since bitcoin ETFs began trading in US markets last year.

The strong interest in crypto boosted the price of the second-biggest crypto asset, too. Ethereum gained more than 6%, and traded at around $3,000 (€2,600) on Friday.

Meanwhile, the US President continues to expand his crypto-related offerings. Trump was once a bitcoin sceptic but has since warmly embraced the cryptocurrency industry.

On Tuesday, his family business Trump Media filed paperwork at the Securities and Exchange Commission for approval to launch the “Crypto Blue Chip ETF” later this year.

This is a new exchange-traded fund tied to the prices of five popular cryptocurrencies. The proposed ETF would have 70% of its holdings in bitcoin, 15% in Ethereum, and 8% in Solana, a cryptocurrency popular in the meme coin community.

The Trump administration has pushed for crypto-friendly regulations and laws, in line with the president’s ambitions to make the US the world capital for crypto.

“If we didn’t have it, China would,” Trump said.

July 7 (UPI) — Brazil’s foothold in the rapidly expanding cryptocurrency market has grown stronger with the entry of U.S.-based trading platform Webull and crypto mining infrastructure firm Enegix.

The global rise of cryptocurrencies has presented serious regulatory challenges for governments and central banks. In that context, Brazil has emerged as a pioneer, establishing a clear, transparent and collaborative legal framework for the oversight and accounting of digital assets.

According to data from Chainalysis, Brazil accounted for more than 30% of all cryptocurrency transaction volume in Latin America in 2024 — the highest in the region.

Last week, Central Asian crypto mining firm Enegix Global announced plans to open a data center in the northeastern state of Piauí. State officials said company representatives signed a memorandum of understanding with local authorities and met with Gov. Rafael Fonteles to discuss the project.

Meanwhile, fintech firm Webull Corporation (NASDAQ: BULL) announced June 26 that it is reentering the cryptocurrency market, selecting Brazil as the first launch region in its renewed global rollout.

The company has a market capitalization of $5.17 billion and reported gross margins of 79.73%. Webull said it is targeting emerging markets with robust regulatory frameworks.

Brazil’s progress in the cryptocurrency sector is closely tied to its Virtual Assets Law, which established the foundation for regulating services involving digital assets.

The law, in effect since 2022, designates the Central Bank of Brazil as the lead regulatory authority while maintaining the oversight role of the Securities and Exchange Commission of Brazil for crypto assets classified as securities.

The Central Bank has launched a series of key initiatives to build out the regulatory framework, addressing legal and accounting gaps that had previously left parts of the crypto market in a gray area.

Francisco Santos, a crypto trading and investment adviser, said one of the bank’s priorities is clarifying the legal and accounting treatment of widely used crypto mechanisms, such as staking and airdrops.

“Staking, which allows users to lock their cryptocurrencies to support blockchain networks in exchange for rewards, and airdrops, where cryptocurrencies are distributed for free to holders of other tokens, have often generated income that goes undeclared or is misreported. The law brings more transparency and structure,” Santos said.

Brazil’s crypto regulations aim to improve how digital asset activity is recognized in financial reporting. That includes defining how crypto-related mechanisms should be recorded in the financial statements of both companies and individuals, ensuring greater transparency and proper taxation.

The framework also supports more accurate market valuation of digital assets and improves the quality of data reported by companies operating in the crypto sector, strengthening oversight and accountability.

The Central Bank of Brazil has placed particular emphasis on licensing and supervising cryptocurrency exchanges and other virtual asset service providers, or VASPs. These entities must obtain operational licenses and meet minimum standards for security and compliance with anti-money laundering and counter-terrorism financing rules.

Another key part of Brazil’s strategy is its commitment to public participation and open dialogue with the crypto industry.

“Through public consultations and discussion forums, the Central Bank has gathered input from civil society, entrepreneurs, developers and the crypto industry itself. This collaborative model not only strengthens the regulatory process, but also enhances institutional legitimacy and supports effective implementation,” Santos said.

Not everyone shares such an optimistic view. Maria Silva Souza, an attorney specializing in investment firms, said the cryptocurrency market carries inherent risks despite government-led initiatives.

“Cryptocurrencies are highly volatile. While regulation offers investor protection, it doesn’t eliminate the risk of sharp fluctuations that can lead to significant losses — especially for less-informed retail investors,” Souza said.

She added that despite efforts to improve transparency, the crypto ecosystem remains a target for pyramid schemes, fraudulent offerings and sophisticated scams.

“Exchanges and crypto service providers are vulnerable to cyberattacks, hacks and other technological weaknesses. Regulation sets security standards, but no system is infallible. A successful attack could compromise users’ funds and data,” she said.

June 19 (UPI) — The Department of Justice has filed a civil forfeiture complaint to seize $225.3 million for victims involved in cryptocurrency scams.

The complaint, filed Wednesday, alleges that the cryptocurrency addresses that held over $225.3 million were part of a sophisticated blockchain-based money laundering network.

“Civil forfeiture complaint is the latest action taken by the Department to protect the American public from fraudsters specializing in cryptocurrency-based scams, and it will not be the last,” said Matthew R. Galeotti, Head of the Justice Department’s Criminal Division.

“These schemes harm American victims, costing them billions of dollars every year, and undermine faith in the cryptocurrency ecosystem. Our investigators and prosecutors are relentlessly pursuing these scammers and their ill-gotten gains, and we will relentlessly pursue recovery of victim funds.”

Last week, the DOJ found five men guilty who laundered over $36 million from victims. They operated out of Cambodia and face maximum penalties of between five and 20 years in prison.

Assistant Director of the FBI Criminal Division Jose A. Perez, said his agency will not allow the criminals targeting unsuspecting victims who believe they are making legitimate investments to keep these scams going.

“This seizure of $225.3 million in funds linked to cryptocurrency investment scams marks the largest cryptocurrency seizure in U.S. Secret Service history, said Shawn Bradstreet, a special agent in that agency’s San Francisco field office.

In this investigation, more than 400 suspected victims say they lost money after believing that they were making investments, officials said.

According to the FBI internet Crime Complaint Center’s 2024 internet Crime Report, cryptocurrency investment fraud resulted in more than $5.8 billion lost in 2024. People over age 60 were impacted the most, losing an estimated $2.8 billion.