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US Treasury Bans Bitcoin Addresses Belonging To Chinese Druglords

23 Aug 2019

US Treasury Department recently released a list of bitcoin addresses which are being used by Chinese drug kingpins, who are operating drug trafficking rings throughout the world.News portal Coinnounce announced that Treasury’s Office of Foreign Assets Control(OFAC) and the Financial Crimes Enforcement Network (FinCEN) has issued a ban on atleast 12 bitcoin addresses by causing ‘financial disruption’ in the drug networks.The news portal further stated that OFAC released names of three Chinese nationals who are purportedly the ‘significant’ narcotics traffickers. OFAC identified Chinese national Fujing Zheng (Zheng) and the Zheng Drug Trafficking Organization (DTO) as significant foreign narcotics traffickers pursuant to the Foreign Narcotics Kingpin Designation Act (Kingpin Act). OFAC also designated one additional Chinese national, Guanghua Zheng, for his support to the Zheng DTO’s drug trafficking activities, as well as one Chinese entity, Qinsheng Pharmaceutical Co. Ltd., for being owned or controlled by Fujing Zheng.In a statement, Sigal Mandelker, Under Secretary for Terrorism and Financial Intelligence, said, “The Chinese kingpins that OFAC designated today run an international drug trafficking operation that manufactures and sells lethal narcotics, directly contributing to the crisis of opioid addiction, overdoses, and death in the United States. Zheng and Yan have shipped hundreds of packages of synthetic opioids to the U.S., targeting customers through online advertising and sales, and using commercial mail carriers to smuggle their drugs into the United States.”Mandelker further added that,  “OFAC and FinCEN’s coordinated action with U.S. law enforcement leverages Treasury’s authorities to confront the deadly synthetic opioid crisis plaguing America.”This is just fantastic. What with the Treasury tracking down bitcoin addresses and the Treasury Secretary Steven Mnuchin saying, “I can assure you I will personally not be loaded up on bitcoin in 10 years. I would bet even in five to six years I won’t even be talking about bitcoin as Treasury Secretary,” seems like bitcoin will have to face a few more hurdles in its path.Liked what you read? Join us on Telegram

Source From : crypto-news

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