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Bitcoin gets blacklisted by the US Treasury Department Office of Foreign Assets Control after sanctioning three Chinese nationals and their cryptocurrency addressed alleging they did money laundering so we read more about it in the latest cryptocurrency news below.

The OFAC named Xiaobing Yan, Guanghua Zheng, and Fujing Zheng as narcotics traffickers under the Foreign Narcotics Kingpin Designation Act and froze all of the property they owned in the United States listing a number of citizen numbers, email addresses, and passport information. The agency also listed multiple bitcoin addresses as well as one Litecoin address that the agency found to belong to the Chinese citizens. According to the press release, Fujing Zheng is a ‘’huge foreign narcotics trafficker’’ who received support from Guanghua Zheng and Yan was designated as a significant narcotics trafficker. In addition, the OFAC listed Qunsheng Pharmaceutical Technology Co. LTD and the Zheng Drug Trafficking Organization in the update from Wednesday.

The OFAC coordinated with the Financial Crimes Enforcement Network and the local law enforcement agencies according to the Treasury Under Secretary for Terrorism and Financial Intelligence Sigal Manndelkar in a statement.
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The group coordinated the designations with the US Attorney’s office for the Northern District of Ohio and the US attorney’s Office for the Southern District of Mississippi and the Department of Justice’s Criminal Division. Mandelkar stated:

 “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. [Fujing] 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.”

This was the reason why bitcoin gets blacklisted in cases like this since the actions mark the second time that the OFAC sanctioned digital currency addresses specifically having it done in 2018 as well when a couple of Iranian nationals were added to the Specially Designated Nationals list. Mandelkar stated at that time that the agency was ‘’publishing digital currency addresses to identify illicit actors operating in the digital currency space.’’ All of those who violate the Kingpin Act might face civil penalties of more than $1.1 million fine per violation and criminal penalties of $5 million and up to 30 years in jail as noted in the altcoin news below.