**News Flash: U.S. Targets Russian Crypto Exchanges in Major Crackdown**

The U.S. government has cracked down on two Russian cryptocurrency exchanges, PM2BTC and Cryptex, for alleged involvement in illicit finance. The Treasury's Financial Crimes Enforcement Network (FinCEN) flagged PM2BTC as a "primary money laundering concern," citing its ties to ransomware and other illegal activities. Cryptex, registered in St. Vincent and the Grenadines, is linked to over $720 million in transactions with cybercriminals.

The Treasury's Office of Foreign Assets Control (OFAC) has sanctioned Sergey Ivanov and Cryptex. U.S. and international law enforcement agencies, including the Secret Service and Dutch authorities, seized web domains and infrastructure related to these exchanges.

Ivanov faces charges of conspiracy to commit bank fraud, while Timur Shakhmametov faces multiple charges, including conspiracy to commit money laundering. The State Department is offering up to $10 million for information leading to their arrest or conviction.