Ukraine Unveils Cross-Border Crypto Network for Sanctions Evasion and Terrorism Financing

The State Financial Monitoring Service of Ukraine has uncovered a sanctions-evasion and terrorism-financing network tied to an unnamed crypto exchange. According to the agency's head, Filip Pronin, about $13 million passed through a Ukrainian's account on the exchange.

The investigation found that $3.5 million was linked to sanctioned services in Russia and accounts affiliated with an unspecified international terrorist organization. The agency believes this is part of a cross-border network for money laundering, terrorism financing, and sanctions evasion.

No signs of trading or investing were found on the account, which received assets from external crypto wallets, exchanges, and swap services without a verification procedure. These assets were then sent to non-custodial crypto wallets belonging to entities linked to Russia and Iran, including the Islamic Revolutionary Guard Corps (IRGC).