US OFAC Adds 400 Entities to Sanctions List, Including Drone Seller KB BOSTOCK

US OFAC Adds 400 Entities to Sanctions List, Including Drone Seller KB BOSTOCK

The US Department of the Treasury's Office of Foreign Assets Control (OFAC) has announced additional sanctions on 400 entities as part of its effort to cripple Russia's military supply chain. Among them is KB BOSTOCK, a developer of unmanned aerial vehicles (UAVs), which allegedly solicited cryptocurrency donations on its website and may have sold drones in exchange for cryptocurrency. OFAC's sanctions on KB BOSTOCK "serve as further evidence that Russia is using cryptocurrency to support its military efforts," according to blockchain data analytics firm Chainalysis. The report noted that "KB BOSTOCK-linked addresses have been linked to sanctioned Russian exchange Garantex." Meanwhile, Russia is reportedly planning to set up two cryptocurrency exchanges, which could be used for foreign exchange transactions and trade. This move is likely in response to the increasing isolation of Russia from the global financial system. The sanctions on KB BOSTOCK are a reminder that cryptocurrency can be used for illicit activities, and that law enforcement is taking steps to crack down on such uses. It is important for businesses to be aware of the risks associated with accepting cryptocurrency payments, and to take steps to mitigate those risks.