Maxim Kurbangaleev Money Laundering – Insight on Crypto Trading After Sanctions on Suex

In 2022, the US Treasury Department included the SUEX Crypto exchange in the sanctions list. Before that, the crypto market was going smoothly and avoiding harsh regulations from the regulatory bodies. However, the good times were about the end and as per the crypto exchange expert, Maxim Kurbangaleev, on September 21, 2021, the sanctions imposed by the US Treasury Department changed the situation, also the crypto expert has given his advice to conduct the crypto exchange business lawfully.

As per Maxim Kurbangaleev’s sayings, we can understand:

SUEX is a crypto exchange platform that provides multiple services related to the crypto market. As per the documents issued by the US Office of Foreign Assets Control, the company is registered in Prague and Moscow.

“This company functions as a platform for crypto exchange with cash and vice versa. If someone wants to become a client, they need a recommendation and a large amount, say $10,000 for the transaction. Many assumed that the crypto platform utilises its full platform to facilitate large crypto transactions. These factors make them avoid introducing strong user verification processes. Before implementing sanctions by the regulatory bodies, the SUEX platform was in good demand in the market.”

As per the details shared by the OFAC(b), the crypto platform SUEX is involved in money laundering and other unlawful activities, users used to cash cryptocurrencies acquired by doing illegal things or hiding their income to avoid paying taxes. The regulatory body claimed that a heavy amount of nearly 481 million dollars was involved in this scam. This money is transferred to different accounts and is over 40% of the total transaction value.

“Several people observed the timing of sanctions on SUEX and the hackers’ attack on the largest services of America, and they connected the dots and said sanction is the response to hackers. Some law enforcement agencies claimed that the hackers transferred the money from companies in the form of cryptocurrencies. To conquer it, a special team was prepared in the White House, that accesses the available cryptocurrencies to tools to proceed with the operation. The sanction starts from the implementing limitation on the SUEX platform and will surely add more names to it.”

“In a later discussion, the idea of bringing strict regulations into the crypto market to promote integrity was discussed. Maxim Kurbangaleev hints towards conducting crypto business legally, knowing that there are no proper guidelines to regulate it. He said that it could become a legal way of doing money transfers with the proper jurisdiction involved. Either regulate it or prohibit it. It indicates the upcoming is not smooth for the crypto market due to the lack of regulations and potential threats of money laundering activities.”

A good and knowledgeable person not only talks about the problem but also guides others to resolve it. Maxim Kurbangaleev shared some tips to help the people involved in the crypto industry. They are as follows:

  • Follow all the regulatory requirements issued by the financial bodies.
  • Register a company in a country where cryptocurrency trading and exchange is legal.
  • Implement new rules of verification for precise identification of users.
  • Work with only registered crypto exchanges

“Customer identification is an important task and should be done at the time of registration. Many exchange platforms ask their customers to share basic personal details like phone numbers and email IDs, but this is not enough to ensure the person’s identity. Now, the regulatory bodies have become strict and impose sanctions on the exchange platforms, it becomes vital to ensure the user’s identity to protect the platform, or else, it can become the reason they invite sanctions and other legal actions from the regulatory bodies. 

If a person is working or operating a lawful crypto business then it becomes necessary to follow all sanctions guidelines and keep track of all legal matters such as proper documentation to avoid any legal action from the authorities. Well! You may think that companies now need to spend more time and money on following the regulations, it is important for the safety of everyone. So, irrespective of the client’s nature, whether rich or poor, known or unknown, old or new, it becomes vital to check all documents and follow guidelines to avoid penalties.

“In a nutshell, if someone wants to run a lawful currency trading and exchange platform, it becomes necessary to get registered under any jurisdiction, where operating a crypto exchange platform is legal, and follow all rules and regulations. Maxim Kurbangaleev further added that he showed his belief in the bright future for the crypto market, even after the current sanctions and negative conditions, he concludes that cryptocurrency can replace electronic money in the future. However, to achieve this, we need to build a secure and lawful infrastructure for the crypto market.”

Leave a Reply

Your email address will not be published. Required fields are marked *