UK claims cryptocurrency companies may face sanctions violations, underreporting, and North Korean hacker attacks

According to a report by Golden Finance, the Office for the Enforcement of Financial Sanctions (OFSI) in the UK has released a report stating that since 2022, UK cryptocurrency companies are likely to have underreported violations of financial sanctions, which often occur unintentionally and involve direct or indirect transactions with sanctioned individuals or entities. Starting from August 2022, suspected violations of sanctions must be reported to OFSI. The report also warns that UK encryption companies are facing high-risk attacks from North Korean hackers, who often act on behalf of sanctioned parties. The report shows that since 2022, over 7% of suspected violations reported to OFSI involve cryptocurrency companies. Since the outbreak of the Russia-Ukraine conflict in 2022, the United Kingdom and other countries have clearly extended the scope of sanctions to the cryptocurrency field. Currently, there are 55 cryptocurrency companies registered with the Financial Conduct Authority in the UK, but the specific number of violators has not been disclosed.