Iurii Gugnin, a Russian national residing in New York, is charged with laundering over $530 million through his crypto firms, Evita Investments and Evita Pay. His actions involved using Tether (USDT) to facilitate transactions for Russian clients tied to sanctioned banks, misleading financial institutions by falsifying compliance documents and failing to implement anti-money laundering (AML) regulations. Gugnin faces 22 criminal counts, including wire fraud, bank fraud, and money laundering, with potential penalties of up to 30 years per charge. The case underscores regulatory challenges in the cryptocurrency market and highlights national security concerns amid increasing scrutiny of crypto-enabled sanctions evasion.
Gugnin allegedly facilitated over $530 million in transactions for Russian clients linked to sanctioned banks, employing Tether to circumvent US sanctions and export controls.
He faces 22 criminal charges, including wire fraud, bank fraud, and money laundering, with penalties potentially reaching 30 years for each count.
The US Department of Justice highlights Gugnin's failure to adhere to AML regulations, failing to file SARs, highlighting risks in cryptocurrency market regulation.
Gugnin reportedly misled financial institutions by falsifying compliance documents and accessing websites with indicators on criminal investigations and law enforcement surveillance.
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