Law360 (March 2, 2022, 5:52 PM EST) — New York’s Department of Financial Services will ramp up its sanctions enforcement efforts against Russia, including by adding blockchain analytics technology to help track down any uses of cryptocurrencies to dodge sanctions, Gov. Kathy Hochul said Wednesday.
Cryptocurrency has been in the spotlight amid Russia’s invasion of Ukraine, both as a fundraising tool for the Ukrainian side and a potential means for Russian entities to evade sanctions. In response, Hochul said the DFS will speed up its procurement of blockchain analytics services, although a specific timeline wasn’t given.
The move will bolster the agency’s efforts to be a data-savvy…