Biden sanctions cryptocurrency exchange over ransomware attacks

FILE PHOTO: Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration taken, June 29, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

WASHINGTON (Reuters) -The Biden administration on Tuesday unveiled sanctions against a cryptocurrency exchange over its alleged role in enabling illegal payments from ransomware attacks, officials said, part of a broader crackdown on the growing threat.

The Treasury Department accused Suex OTC, S.R.O. of facilitating transactions involving illicit proceeds for at least eight ransomware variants, its first such move against a virtual currency exchange over ransomware activity.