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The United States and the UAE are targeting a North Korean digital asset laundering network

The US Treasury, in partnership with the UAE, has imposed sanctions on two Chinese nationals and a UAE-based company for their involvement in laundering cryptocurrency funds to North Korea. The operation, which aims to disrupt North Korea’s illicit fundraising activities, is part of continuous efforts to prevent the country’s exploitation of digital assets for illegal objectives, such as weapons development.

The US Department of the Treasury, in collaboration with the United Arab Emirates (UAE), has shut down a network accused of laundering cryptocurrency payments to support North Korea’s criminal activities. The network included two Chinese individuals, Lu Huaying and Zhang Jian, as well as Green Alpine Trading, a company based in the UAE. These penalties target anyone accused of transferring digital assets into cash to fund North Korea’s government and military objectives.

The Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned the people and the corporation for aiding money laundering actions that benefited the North Korean dictatorship. The operation apparently entailed the conversion of bitcoin into fiat cash, which was subsequently utilized to buy products and services associated with North Korea and its proxies. Lu, who worked in the UAE from early 2022 to September 2023, was notably active in these activities. Another significant participant, Zhang, served as a courier for Sim Hyon Sop, a known North Korean operative previously sanctioned by the United States in 2023.

This crackdown demonstrates North Korea’s growing reliance on digital assets to fuel its nuclear and ballistic missile programs. The US and UAE remain committed to pursuing their efforts to dismantle these financial networks, which play a crucial role in the regime’s destabilizing activities. Despite tremendous progress, the global campaign to monitor and deter North Korea’s illicit usage of cryptocurrencies continues.

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CryptoCorn
CryptoCorn is Editor and Author at 4C Media Co. and covers all stories and news related to Crypto & Finance. Excellent blogger and Passionate Crypto Trader. Follow her on twitter at @cryptocorn7.
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