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Biden administration sanctions cryptocurrency exchange

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The Biden administration imposed sanctions against cryptocurrency exchange Suex.

The commercial and financial penalties brought on by the Treasury Department's Office of Foreign Assets Controls were made against Suex "for its part in facilitating financial transactions for ransomware actors, involving illicit proceeds from at least eight ransomware variants," a federal official said.

The action is the first time the federal government has punished a virtual exchange for alleged complicity in criminal ransomware activity, CBS News reports.

Read more from CBS News.

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