<p><span>Building on the </span><a href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDAsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEwMTUuNDc0MDc5MzEiLCJ1cmwiOiJodHRwczovL2hvbWUudHJlYXN1cnkuZ292L25ld3MvcHJlc3MtcmVsZWFzZXMvankwMzY0In0.5dlP_HzePEkz4wcrt3YNhTSD06doSoqBvh8Ofw3qDvI/s/1124085238/br/113979499723-l" target="_blank">first-ever designation of a virtual currency exchange for facilitating transactions for ransomware actors</a><span>, the U.S. Department of the Treasury announced additional steps today to help the virtual currency industry prevent exploitation by sanctioned persons and other illicit actors. These actions are part of the Biden Administration’s </span><a href="https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDEsInVyaSI6ImJwMjpjbGljayIsImJ1bGxldGluX2lkIjoiMjAyMTEwMTUuNDc0MDc5MzEiLCJ1cmwiOiJodHRwczovL3d3dy53aGl0ZWhvdXNlLmdvdi9icmllZmluZy1yb29tL3N0YXRlbWVudHMtcmVsZWFzZXMvMjAyMS8xMC8xMy9mYWN0LXNoZWV0LW9uZ29pbmctcHVibGljLXUtcy1lZmZvcnRzLXRvLWNvdW50ZXItcmFuc29td2FyZS8ifQ.mQoK6gjGTtC3cCHjImsq2eWPUT1kHcRQOad8O96sOgc/s/1124085238/br/113979499723-l" target="_blank">focused, integrated effort</a><span> to counter the ransomware threat. New industry-specific guidance outlines sanctions compliance best practices tailored to the unique risks posed in this dynamic space, while new data from the Financial Crimes Enforcement Network (FinCEN) shows the increasing threat ransomware posed to the U.S financial sector, businesses, and the public during the first half of 2021. Treasury’s actions underscore the need for a collaborative approach to counter ransomware attacks, including public-private partnerships and close relationships with international partners.</span></p>