The US Department of Treasury (DoT) has reportedly blacklisted a number of crypto addresses. The addresses, together with their involved personnels, are reportedly related to foreign narcotics operators.
Specifically, on August 21, the US DoT has decided to put several new names in its Specially Designated Nationals (SDN) list under the Foreign Narcotics Kingpin Designation Act – a.k.a the Kingpin Act.
The 3 narcotics dealers from outside the country, which are believed to be having connections with the addresses, have been revealed, which are Xiaobing Yan, Fujing Zheng and Guanghua Zheng – all are China-based.
In a news release from the White House 4 years ago, the Kingpin Act was established with a purpose to prohibit any transactional activities, between narcotics operators and US-based establishments – whether as individuals or as firms.
The act allows government departments to cooperatively conduct investigations into foreign narcotics traffickers. Their identities will be blacklisted, which will be presented to the POTUS – who will decide whether to take actions or not.