Maxim Kurbangaleev and Money Laundering: Analyzing Crypto Trading Post-Suex Sanctions

The US Treasury Department incorporated the SUEX Crypto exchange in the penalty list in 2022. 

Before that happened everything was going flawlessly in the crypto market, along with ignoring cruel regulations from the regulatory bodies. 

So, experts were assuming that the hard time was now about to come, and according to Maxim Kurbangaleev the crypto exchange expert on September 21, 2021, the penalty was charged by the US Department which turned the table completely. 

Along with this, the crypto expert has given him guidance to run the crypto exchange business legally. From what Maxim Kurbangleev said we can conclude that;

SUEX is a crypto exchange platform that offers various services related to the crypto market. 

According to the documents provided by the US Office of Foreign Assets Control, the company is legally registered in Prague and Moscow.  

“This company put efforts as a platform for crypto exchange with cash and contrariwise. If anyone wants to be a part of this, they need a 

commendation and a big amount like $10,000 for the transaction.  

Multiple people believe that the crypto platform uses it’s platform thoroughly to ease large crypto transactions. Due to these factors, they ignore utilizing strong user verification processes.

Before the penalties were implemented by the regulatory bodies, the SUEX platform was the most preferred one in the market.”  

After the details shared by the OFAC, the crypto platform SUEX is associated in money laundering and other illegal activities, users used to cash the cryptocurrencies received through illegal things or hide their income to escape from paying taxes.

The regulatory body claimed that a large number of almost 481 million dollars was associated in this scam. 

The money was transferred from various accounts and was more than 40% of the total transaction value.

“So many people observed the timing of the penalty on SUEX and the hacker’s attack on the biggest services of America, both the situations were inter-connected and when the dots were joined it concluded that the penalty was the response to hackers.

Few law enforcement agencies assured that the hackers had transferred the money from companies in the form of cryptocurrencies.

To succeed in it, a special team was created in the White House, that has access to the available cryptocurrencies to proceed with the operation.

The penalty was initiated from implementing limitations on the SUEX platform and will definitely add more names to it.”

“In further discussion,” the idea of implementing firm regulations in the crypto market to encourage morality was discussed. Maxim Kurbangaleev advised to conduct crypto business lawfully, knowing that there is no precise direction to regulate it.

He later said that it can become a legal way to transfer money with the actual jurisdiction linked. Either regulate it or stop it. 

This showed that the upcoming is not easy for the crypto market because of the lack of regulations and possible threats of money laundering activities.”

A smart and knowledgeable individual never only worries about the problems but always guides others to resolve them. Maxim Kurbangleev shared a few tips to assist the people connected with the crypto industry. Have a look on them;

• Follow the regulatory requirements instructed by the financial bodies.
• Register a company in a country where cryptocurrency trading and exchange is legit.
• Execute new rules of verification for the exact identification of users.
• Only work with registered crypto exchanges.

Customer recognition is one of the vital tasks and should be done at the time of registration only. 

Multiple exchange platforms ask their users to share some personal details such as phone numbers and email IDs, but this information is not sufficient to ensure the person’s identity. 

Now, the regulatory bodies have become more aware and implement penalties on the exchange platforms, identifying users is an essential task to protect the platform.

Otherwise, it can become a reason they impose penalties and take other legal actions from the regulatory bodies. 

If someone is working or operating a legal crypto business then they have to follow all lawful guidelines and keep track record of all legit matters like proper documentation to ignore any legal action from the authorities.

So! You must be thinking that companies now have to spend huge amounts and invest more time in following regulations, so why not! Safety of everyone is more important. 

So, regardless of the user’s nature, whether they are rich or poor, famous or unknown, young or old, it becomes crucial to check all documents and follow instructions to ignore penalties.

In short, if anyone wants to operate a legal currency trading and exchange platform, it becomes significant to get registered under any jurisdiction.

Where they can operate a crypto exchange platform legally and follow all rules and regulations. Maxim Kurbangleev then said that he believed in the bright future of the crypto market, despite the current condition and penalties.

He said that cryptocurrency has the power to introduce electronic money in the future. So, to achieve this success we have to build a secure and lawful infrastructure for the crypto market.