The U.S. Treasury Division is stepping up its give attention to unlawful cryptocurrency-related actions. Just lately, Treasury introduced that its monetary intelligence and enforcement companies are gathering and analyzing Bitcoin addresses. These addresses are related to a number of \u201cChinese kingpins\u201d allegedly concerned in \u201cfueling America\u2019s deadly opioid crisis.\u201d OFAC Provides BTC Addresses to the Specifically Designated Nationals checklist On August 21, 2019, Treasury\u2019s Workplace of International Property Management (OFAC) and Treasury\u2019s Monetary Crimes Enforcement Community (FinCEN) introduced their coordinated actions to step up \u201cfinancial pressure upon those who manufacture, sell, or distribute synthetic opioids or their precursor chemicals.\u201d Treasury targets Chinese language drug kingpins fueling America\u2019s lethal opioid disaster https:\/\/t.co\/lJRdfr7hF4 \u2014 Treasury Division (@USTreasury) August 21, 2019 https:\/\/platform.twitter.com\/widgets.js These actions are parts of investigations being carried out \u201cto confront the deadly synthetic opioid crisis plaguing America.\u201d In accordance with OFAC, beneath these investigations are the next \u201cChinese drug kingpins,\u201d \u2013 Fujing Zheng (Zheng) and the Zheng Drug Trafficking Group (DTO). \u2013 Guanghua Zheng \u2013 Qinsheng Pharmaceutical Co. Ltd. \u2013 Xiaobing Yan (Yan) On this connection, on August 21, 2019, OFAC introduced it had added 11 Bitcoin addresses and one Litecoin deal with to the Specifically Designated Nationals (SDNs) checklist. Subsequently, no U.S. particular person can execute any transaction involving these addresses. The SDNs checklist contains focused people and firms. Their belongings are blocked. And it's unlawful for U.S. individuals to cope with them. FinCEN: Chinese language Kingpins Use Bitcoin To Bypass Forex Controls On the announcement, Sigal Mandelker, Beneath Secretary for Terrorism and Monetary Intelligence, acknowledged, \u201cThe Chinese kingpins that OFAC designated today run an international drug trafficking operation that manufactures and sells lethal narcotics, directly contributing to the crisis of opioid addiction, overdoses, and death in the United States.\u201d In accordance with U.S. officers, the Zheng DTO used Bitcoin to launder a part of its drug proceeds and to bypass forex controls and reporting necessities. Furthermore, authorities identified that each Zheng and Yan are Bitcoin customers. Subsequently, \u201cOFAC is also identifying Bitcoin addresses associated with these two drug traffickers to maximize disruption of their financial dealings.\u201d FinCEN Director Kenneth A. Blanco indicated that, via the Financial institution Secrecy Act, FinCEN is gathering, analyzing, and disseminating information, which supplies perception into the monetary networks utilized by people \u201cfueling America\u2019s deadly opioid crisis.\u201d And he identified, \u201cWe are making the financial sector aware of tactics and typologies behind illicit schemes to launder the proceeds of these fatal drug sales, including transactions using digital currency and foreign bank accounts.\u201d How efficient do you suppose the U.S. Treasury Division\u2019s investigations will probably be? Tell us within the feedback under! Photos by way of Shutterstock, Twitter: @USTreasury The publish United States Intensifies Bitcoin Tackle Evaluation in Opioid Combat appeared first on Bitcoinist.com.