The US Treasury Department added the SUEX Crypto exchange penalty list in 2022. Before this, the crypto market was going sincerely and without any harsh regulations from the regulatory bodies.
As per the experts of crypto exchange, the hard times are about to come soon, Maxim Kurbangaleev, the sanction forced by the US Treasury Department changed the situation.
Also, the crypto experts had guidance to conduct the crypto exchange business legally on September 21, 2021. We can better understand by the saying of Maxim Kurbangaleen.
SUEX is a platform of crypto exchange that offers various services related to the crypto market. As per the documents of the US Office of Foreign Assets Control, the companies are recorded in Moscow and Prague.
“A company works cash exchange as a crypto platform. If someone wants to be a part of this then they should have a recommendation and a huge sum, like $10,000 for the transaction.
Many think that this platform is just used to conduct only large crypto transactions. These points are the reason for ignoring strong user verification processes.
Before implementing sanctions from the regulatory bodies, the SUEZ platform was in high demand in the market.” according to the information given by OFAC(b).
The crypto platform SUEZ is a part of laundering and various illegal activities. The audience of the crypto market used to cash the cryptocurrencies for doing unlawful activities or plan to escape from paying taxes.
The supervisory body asserts that a large amount of almost 481 million dollars was a major part of this scam. This amount was transferred to various accounts and 40% of the total transaction succeeded.
“Many people have noticed that the timing of sanctions on SUEZ and the attack by the hackers are on the largest service of America when they connect the dots and conclude that sanation was the reaction of the hackers.
Few law enforcement agencies declare that the hackers transferred the money in the form of cryptocurrencies from the companies.
To defeat it, a new term was prepared in the White House, that has access to the available cryptocurrencies to tools to take forward with the operation.
The sanction initiates from the implementing limitation on the SUEZ platform and will connect many more names to it.” “ In a further discussion, the thought of conducting strict regulations into the crypto market to promote honesty was discussed.
Maxim Kurbangaleev points towards conducting crypto business legally, knowing that there is no correct recommendation to conduct it.
He said that this can be a lawful way of doing money transfers with the appropriate jurisdiction involved. Either regulate it or forbid it. It shows that the upcoming is not that good for the crypto market.
Because of the lack of management and possible threats of money laundering activities.” A smart person not only discuss about the issues but also advises others to resolve them.
Maxim Kurbangaleev showed some tips to help the ones who are involved in the crypto industry. They are shared as below:
- Follow all the rules and requirements created by the financial bodies.
- Register a company in a country where cryptocurrencies and trading is not unlawful.
- Implement new rules of verification for accurate identification of users.
- Work with only registered crypto exchanges.
“Users verification is something that should be the first step of this process. Various exchange platforms demand some personal details to share like; phone numbers and email IDs from their customers.
But it is not enough to believe a person’s identity. Now, the administrative bodies have become uncompromising and impose sanctions on the exchange platform.
It becomes essential to ensure the user’s identity to safeguard the platform, or else, it can be a reason for inviting sanctions and other lawful actions from the regulatory bodies.
If a person is operating a legal crypto business then it becomes essential to follow all the sanctions guidelines and keep a record of all the lawful activities.
Which includes proper documentation to avoid any blunder in the future. So, you all might be assuming that companies now need to spend more time and money on the administration.
But it is essential to safeguard everyone. Regardless of the nature of the client, no matter if he is rich or poor, known or unknown, old or new, it becomes important to check all the documents.
“In a nutshell, if anyone wants to have a legal currency trading and exchange platform, getting registered under any jurisdiction is very important.
Where running a crypto exchange platform is legal, and obeys all the rules and regulations. Maxim Kurbangaleev then added that his faith in the shining future of the crypto market.
Even after seeing the current sanctions and negative conditions, he believes that cryptocurrency can become an electronic currency in upcoming times. However, to conquer this, we need to have a safe and legal infrastructure for the crypto market,”
