In a major offensive against cryptocurrency-related illegal activities, the U.S. Department of Justice has brought forth accusations against Aliaksandr Klimenka, who is 42 years old and holds citizenship in both Belarus and Cyprus. Further Reading: Is Tether at Risk of Upending the Cryptocurrency World? JPMorgan Believes It’s True. Recently disclosed court documents show accusations that Klimenka participated in a scheme to launder money and ran BTC-e, an unauthorized cryptocurrency exchange, with Alexander Vinnik and others between 2011 and July 2017. Meanwhile, the price of Bitcoin exhibits an upward trajectory in its daily trading patterns. The text refers to the Bitcoin (BTC) to Tether (USDT) trading pair as shown on the TradingView platform. US Targets Another Cryptocurrency Trading Platform. BTC-e is accused of being a nexus for cybercrime and money laundering by the US Justice, allegedly offering high anonymity trading services that attracted a clientele deeply entrenched in illegal activities.. The platform reportedly facilitated financial transactions stemming from a gamut of criminal endeavors, including computer hacking, fraud, identity theft, and drug trafficking, the press release claims.. Authorities highlight BTC-e’s role in cybercrimes, emphasizing its operation on U.S. servers allegedly without adherence to mandatory anti-money laundering protocols and “know your customer” (KYC) practices.. In addition, the government agency claims that despite its significant operations within the United States, BTC-e allegedly failed to register as a money services business, flouting federal laws requiring stringent anti-money laundering measures.. The US Department of Justice believes that Klimenka’s arrest in Latvia last December marks a critical step in their “efforts to combat cryptocurrency-facilitated crimes.”. Currently detained after his first appearance in a San Francisco courtroom, Klimenka is up against the possibility of a severe maximum penalty of 25 years in prison if found guilty. The recent charges highlight the increased attention the U.S. government is dedicating to crimes involving digital assets, led by the National Cryptocurrency Enforcement Team (NCET) which is at the forefront of probing wrongful use of cryptocurrencies. The joint measures taken by the U.S. Secret Service, the FBI, IRS Criminal Investigation, and Homeland Security Investigations demonstrate the government’s determination to break down groups that exploit digital currencies for unlawful purposes, as stressed in the press release. Additionally, the utilization of cryptocurrency for illicit activities has declined to its lowest rates. Despite the claims made by the US government, information provided by the cryptocurrency analytics company Chainalysis shows that only a minor proportion of blockchain transactions are associated with illegal endeavors. In 2023, addresses deemed “illicit” garnered $24 billion, with a significant portion of these funds coming from “entities under sanctions” by the US government.