<ul><li>Iurii Gugnin, founder of a crypto payments firm, has been charged with laundering $500M for sanctioned Russian banks. He used his companies to help bypass U.S. restrictions by moving funds using cryptocurrencies like Tether and converting them into dollars.</li><li>Gugnin maintained ties with sanctioned Russian banks and processed payments for entities like Rosatom, manipulating invoices to hide true counterparties. He failed to file Suspicious Activity Reports and misled authorities to secure a fraudulent money transmitter license.</li><li>If convicted, Gugnin faces significant penalties, including up to 30 years for bank fraud and 20 years for wire fraud, money laundering, and violations of the International Emergency Economic Powers Act.</li><li>The case reflects increased federal scrutiny on crypto's role in sanctions evasion, with a focus on bringing offenders like Gugnin to justice to protect U.S. national security.</li></ul>

Founder of Crypto Payments Firm Charged with Laundering $500M for Sanctioned Russian Banks

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