White House Plans Sanctions on Exchanges for Ransomware

As part of its efforts against ransomware, the Biden administration is reportedly getting ready to sanction financial exchanges that facilitate ransom payments – typically as cryptocurrency – to cybercriminals. This would build an initiative launched in May after the Colonial Pipeline attack, which will create a global coalition to target countries that harbor ransomware criminals. The planned fines and other penalties are intended to not only impact the perpetrators, but also to discourage victim companies from paying ransoms.

Source:

• Security Magazine: Biden Administration to Issue Sanctions to Counter Ransomware Payments