Crypto
Russian National Charged With Laundering $530 Million Through Cryptocurrency Companies
Iurii Gugnin, a 38-year-old Russian national residing in New York, has been charged with 22 criminal counts by the US Department of Justice (DOJ) for allegedly laundering over $530 million through his cryptocurrency companies, Evita Investments and Evita Pay. The charges include wire fraud, bank fraud, money laundering, and violations of the International Emergency Economic Powers Act (IEEPA).
Gugnin is accused of creating a financial pipeline using the stablecoin Tether USDt (USDT) to support sanctioned Russian entities and bypass US sanctions and export controls. He allegedly deceived banks, falsified compliance documents, and facilitated access to sensitive US technologies. Gugnin’s actions highlight the misuse of digital assets for illicit finance and the growing challenges of regulating cryptocurrency markets.
Gugnin presented Evita as a legitimate cryptocurrency payment service but allegedly used it to secretly transfer illegal funds for Russian clients. By posing as a compliant financial technology company, Evita moved money through US banks and crypto exchanges while hiding the funds’ real sources. As president, treasurer, and compliance officer, Gugnin had complete control over these companies’ operations, finances, and regulatory reporting, enabling him to manage transactions, misrepresent the companies’ activities, and ignore Anti-Money Laundering (AML) rules. Authorities claim Evita’s systems were used to help sanctioned Russian entities obtain US technology and channel funds through stablecoins like USDT.
Gugnin is accused of moving $530 million through the US financial system while concealing the illicit origins of the funds. He laundered about $530 million through US banks and cryptocurrency exchanges, primarily using USDT, a stablecoin tied to the US dollar and known for its fast, low-volatility cross-border transactions. The operation involved receiving cryptocurrency from foreign clients, many connected to sanctioned Russian banks, including Sberbank, VTB, Sovcombank, and Tinkoff. These digital funds were channeled through cryptocurrency wallets controlled by Evita and then converted into US dollars or other traditional currencies via US bank accounts. This helped Gugnin to obscure their origins and assist Russian clients in evading international sanctions.
Gugnin used deceptive methods to hide the illegal nature of these cross-border transactions. He altered invoices digitally to remove the names and addresses of Russian clients and provided false compliance documents to banks and cryptocurrency exchanges. These documents wrongly claimed that Evita had no ties to sanctioned entities and had complied with AML and Know Your Customer (KYC) regulations. Despite claiming compliance, Evita allegedly operated without an actual AML compliance and failed to file Suspicious Activity Reports (SARs) as required by US regulations. This allowed Gugnin to mask the source and purpose of the funds, enabling high-risk transactions that may have supported Russia’s access to restricted US technology.
Gugnin, through his cryptocurrency companies, allegedly created a financial network to support Russian entities banned by US sanctions. Prosecutors allege he handled more than $500 million in transactions for Russian clients connected to sanctioned banks, including PJSC Sberbank, PJSC Sovcombank, PJSC VTB Bank, and JSC Tinkoff Bank. While living in the US, Gugnin held personal accounts with sanctioned banks JSC Alfa-Bank and PJSC Sberbank. He also enabled payments to acquire US export-controlled technology, such as sensitive servers, and laundered money to obtain components for Rosatom, Russia’s state nuclear agency. Actions of Gugnin and Evita provided Russian clients access to restricted components. Gugnin hid his activities by altering invoices to conceal Russian ties and falsifying compliance documents.
Gugnin and his companies are accused of deliberately violating US sanctions and export controls and the International Emergency Economic Powers Act (IEEPA). He allegedly deceived US banks and cryptocurrency exchanges by falsely stating that Evita had no connections with sanctioned Russian entities, while actively processing transactions for clients linked to blacklisted banks. To hide his activities, Gugnin secured a Florida money transmitter license by providing false details about Evita’s operations. This allowed him to use crypto exchange services under the pretense of compliance. Gugnin transferred over $500 million, often in USDT, into the US financial system through this scheme. Gugnin’s actions violated federal laws and threatened national security by enabling sanctioned entities to evade restrictions and illegally obtain sensitive US technologies.
The US DOJ alleges that Gugnin and his crypto companies failed to follow key AML rules required by the Bank Secrecy Act. Although Gugnin presented Evita as a legitimate money services business, he allegedly did not establish an effective AML program and failed to submit suspicious activity reports (SARs) to the Financial Crimes Enforcement Network (FinCEN), which are crucial for detecting and preventing illegal financial activities. Moreover, Gugnin misled banks and cryptocurrency exchanges by falsely claiming that Evita complied with strict AML and KYC standards, when these measures were either inadequate or missing. This deception allowed over $500 million to flow through the US financial system without proper regulatory oversight.
Federal investigators found strong evidence that Gugnin knew his actions were illegal. They found that Gugnin had allegedly searched terms like “how to know if there is an investigation against you,” “money laundering penalties US,” and “am I being investigated?” This showed he was aware of potential legal risks. Gugnin had also searched for “Evita Investments Inc. criminal records” and “Iurii Gugnin criminal records,” indicating he was worried about the consequences of his actions. Gugnin had also visited websites explaining signs of being under criminal investigation and ways to detect law enforcement attention. These online activities suggest he was conscious of his guilt and actively tried to avoid detection. This digital evidence supports the prosecution’s claim that Gugnin intentionally broke US laws while attempting to conceal his money laundering activities from authorities.
Gugnin faces a 22-count federal indictment for offenses related to laundering $530 million through his cryptocurrency companies. He has been charged with wire fraud, bank fraud, money laundering, conspiracy to defraud the US, violations of the IEEPA, and running an unlicensed money transmitting business. Additional charges stem from Gugnin’s failure to establish an effective AML program and not filing suspicious activity reports (SARs). If found guilty, Gugnin could face up to 30 years in prison for each bank fraud charge and up to 20 years for wire fraud and sanctions violations. Gugnin was arrested and arraigned in New York, and he is currently detained while awaiting trial, as authorities consider him a flight risk.
The case against Gugnin reveals increasing concerns about cryptocurrencies, especially stablecoins like Tether, being used to evade cryptocurrency regulations and US sanctions. As part of a broader effort to combat illegal crypto activities, the indictment shows how sanctioned entities, particularly those connected to Russia, use digital currencies to bypass restrictions and access global financial systems. Although stablecoins provide transparent transaction records, their speed and worldwide reach make them appealing for money laundering. The Gugnin case may lead to stricter regulations for crypto exchanges, payment processors, and money transmitters, with more vigorous enforcement of AML and sanctions compliance rules. Gugnin’s case also highlights the national security risks, as his actions enabled Russian clients to obtain restricted US technology. It may result in regulators imposing more stringent reporting measures on crypto firms to prevent foreign adversaries from exploiting digital finance to harm US interests.
Crypto
Crypto ATM Count Falls to 38,928 as 597 Machines Exit the Market in Q1 2026
Crypto ATM Data 2026: 597 Net Removals
Recent figures show the global count of crypto ATMs edged close to the 40,000 mark this month, yet data recorded on March 29, 2026, reveals a net reduction of 769 machines. The year opened with a drop of 139 crypto ATMs, followed by the addition of 231 new installations in February.
An additional 80 units were installed at the beginning of March, according to Coin ATM Radar’s net growth logs, though the removal of 769 machines ultimately pushed the year’s total to a net loss of 597. As of this weekend, the global tally of crypto ATMs sits at 38,928 machines. Geographic data from Coin ATM Radar shows the U.S. holds 30,247 of those units, representing 77.7% of the total.
Canada follows with 3,839 crypto ATMs, accounting for 9.9% of the worldwide figure. Europe maintains 1,727 machines, or roughly 4.4% of the overall count of 38,928. Taken together, the U.S., Europe, and Canada host 35,813 machines, comprising 92% of the global share. The remaining 8% is distributed across Asia, Oceania, and other regions.
The crypto ATM tracking site further indicates that the top ten global operators collectively oversee 30,450 machines, representing 78.2% of the total. The industry’s leading provider is Bitcoin Depot, which runs a commanding 9,246 machines (23.8% market share). It is followed by Coinflip with 5,493 machines (14.1%) and Athena Bitcoin with 4,045 machines (10.4%).
Rockitcoin holds a solid footprint with 2,757 machines (7.1%), while Bitstop and Margo operate 2,372 (6.1%) and 2,138 (5.5%) machines, respectively. Stats further show that bitcoin ( BTC) remains the most widely supported asset, available across nearly all machines tracked worldwide by Coin ATM Radar.
Following bitcoin, altcoins as a collective category are supported by 38,910 machines, suggesting that nearly every ATM offering bitcoin also includes at least one alternative asset. Among individual altcoins, ethereum ( ETH) leads with support at 22,200 locations, closely followed by litecoin ( LTC) at 21,292 and tether ( USDT) at 19,894.
Roughly 91.6% of crypto ATMs are configured to facilitate cryptocurrency purchases, while the remaining machines support both buying and selling of digital assets. Logs from Coin ATM Radar offer a revealing snapshot of recent crypto ATM reductions in 2026, showing that the 40,000 threshold remains just out of reach for the industry at present.
Whether the crypto ATM count clears 40,000 this year depends largely on whether operators expand or continue pulling machines. The numbers show a market sorting itself out; large providers like Bitcoin Depot, Coinflip, and Athena hold the majority of installations, while smaller operators account for the gap. With North America controlling over three-quarters of the global count, the industry’s direction remains tied closely to conditions in a single market.
FAQ 🔎
- How many crypto ATMs are there in the world in 2026? As of March 29, 2026, Coin ATM Radar tracks 38,928 active crypto ATMs globally.
- Which country has the most Bitcoin ATMs? The United States leads with 30,247 machines, representing 77.7% of the worldwide total.
- Who is the largest crypto ATM operator in 2026? Bitcoin Depot operates 9,246 machines, giving it a 23.8% share of the global market.
- What cryptocurrencies do crypto ATMs support? Bitcoin is available at nearly all machines, with ethereum supported at 22,200 locations and litecoin at 21,292.
Crypto
Is Crypto Legal in Norway? EY Explains the Regulations
Global Legal Insight publishes a yearly print-and-digital series that investigates urgent themes in business and law with contributions from legal experts worldwide. In the 2025 volume on Blockchain and Cryptocurrency, Ernst & Young Tax and Law Norway wrote the country chapter, which addresses whether cryptocurrency is lawful in Norway and surveys how cryptoassets are positioned domestically under Norwegian regulation.
Norway generally permits cryptoasset ownership and trading, while placing the strongest compliance expectations on intermediaries that exchange, safeguard, or facilitate transfers for others.
Cryptocurrency Regulation in Norway: Institutions and Policy Signals
The chapter presents perspectives from the Financial Supervisory Authority of Norway, the Ministry of Finance, and the Norwegian Central Bank on current market conditions and responsible approaches to a fast‑moving sector. It also distills the operative legal framework and key tax rules for digital assets. In practice, the Financial Supervisory Authority of Norway is the primary supervisory body for many compliance questions that arise when a business provides crypto-related services (for example, exchange services or custody-like safeguarding for clients), while tax reporting and assessment are handled by the Norwegian Tax Administration.
For crypto businesses, the most relevant requirements typically relate to anti-money laundering compliance, including customer due diligence, transaction monitoring, and internal controls. Businesses that provide exchange services between cryptoassets and fiat currency, or that provide services for holding or administering cryptoassets on behalf of others, may need to register with the Financial Supervisory Authority of Norway before offering services, and should be prepared to document ownership and management, governance arrangements, risk assessments, routines for customer checks, and recordkeeping. If you are looking for a “crypto license” in Norway, the practical path is usually a registration-based process tied to anti-money laundering obligations rather than a single, universal license for all crypto activity.
Legal Status and Compliance Overview
This piece is a practical reference for readers seeking clarity on how Norway governs crypto asset activity. It delivers a concise, trustworthy roundup of regulation in Norway, touching on consumer protection and practical themes for participants in digital finance. For individuals, that often means understanding which activities are permitted, how to document transactions, and which authorities oversee intermediaries versus taxation.
From a consumer-use perspective, self-custody wallets such as Trust Wallet are generally available in Norway through standard app distribution channels, and individuals commonly use them as they do in other markets. Using a self-custody wallet does not typically require registration by the individual, but it does not remove tax obligations or documentation expectations; users should keep clear records of purchases, transfers, swaps, and disposals so gains, losses, and income can be reported correctly. Some banks and payment providers may apply their own risk controls around transfers to and from crypto platforms, so users may encounter practical friction even when the underlying activity is lawful.
PayPal availability for purchasing Bitcoin in Norway depends on the specific service route. Some crypto platforms may support PayPal-funded purchases or deposits in certain cases, but many do not due to chargeback and fraud-risk controls, and availability can vary by provider and user verification status. Where PayPal is supported, users should expect identity checks, potentially higher fees, and limits that depend on the platform’s compliance and risk settings.
To buy Tether in Norway, individuals typically use a crypto exchange or broker that lists the stablecoin and supports onboarding for Norwegian residents. The usual flow is to complete identity verification on the platform, fund the account using the supported payment method (commonly bank transfer or card, depending on the provider), and then place an order for the stablecoin. Practical banking considerations can matter, including a bank’s willingness to process payments to particular platforms and the platform’s own requirements for source-of-funds information.
Bitcoin mining is generally lawful in Norway, but it can trigger ordinary business, tax, and local compliance considerations depending on scale (for example, zoning, noise, and commercial electricity arrangements). Norway’s electricity pricing is market-based and can be attractive in some regions, but miners should not assume dedicated government subsidies specific to crypto mining; any favorable power costs typically come from standard industrial contracts, local grid conditions, or general schemes that are not exclusive to mining and may change based on policy and eligibility criteria.
On taxation, cryptoassets are generally treated as taxable assets in Norway, and taxpayers are expected to report disposals and income tied to crypto activity. As a rule of thumb, gains and losses on sales, exchanges between cryptoassets, and spending crypto can be taxable events, while income-like receipts (such as rewards that function like compensation or yield) may be taxed when received, with later disposal potentially creating an additional gain or loss based on value changes. The applicable tax rate will typically follow the ordinary income tax rate for individuals, and accurate recordkeeping is essential for cost basis, acquisition dates, fees, and fair value at the time of each taxable event.
Legal ways to reduce crypto-related taxes in Norway tend to be documentation- and planning-driven rather than loophole-driven. Common approaches include ensuring all allowable losses are captured and reported, deducting eligible transaction costs where permitted, maintaining consistent cost-basis tracking so gains are not overstated, and planning disposals with an eye to offsetting gains with realized losses when that matches the taxpayer’s broader financial situation. For higher-activity traders or mining operations, it can also be important to assess whether the activity resembles a business in substance, since that can affect how income, expenses, and reporting are treated under Norwegian rules.
Crypto
Bitcoin ETFs Cap Week With $225 Million Outflow as Ether Hits 8-Day Slide
Bitcoin, Ether ETFs Deepen Losses as Weekly Selling Peaks
The week did not end quietly. Instead, it closed with conviction, and not the kind bulls would have hoped for.
Bitcoin ETFs recorded a steep $225.48 million in net outflows, marking one of the largest single-day withdrawals of the week. The selling was concentrated, but decisive. Blackrock’s IBIT accounted for the overwhelming majority, shedding $201.53 million alone. Bitwise’s BITB followed with $18.60 million in outflows, while Ark & 21Shares’ ARKB posted a smaller $5.35 million exit.
There were no inflows to soften the blow. Trading activity remained robust at $3.39 billion, yet net assets fell sharply to $84.77 billion, underscoring the weight of sustained redemptions.
Ether ETFs extended their losing streak to eight consecutive days, with total outflows reaching $48.54 million. Once again, Blackrock’s ETHA led the decline, posting a $70.80 million withdrawal. Fidelity’s FETH followed with $8.92 million in outflows, while Grayscale’s Ether Mini Trust lost $8.68 million.
Still, one fund continued to defy the trend. Blackrock’s ETHB attracted $39.86 million in inflows, reinforcing its growing appeal among investors. Its staking component appears to be drawing attention, even as broader sentiment around ether remains weak. Trading volume stood at $1.16 billion, with net assets closing at $11.52 billion.
Elsewhere, the picture was quieter but no less telling. XRP ETFs saw no trading activity, with net assets slipping to $933.33 million. Solana ETFs faced heavier pressure, recording a $7.84 million outflow entirely from Bitwise’s BSOL. Trading volume reached $45.21 million, while net assets declined to $809.62 million.
The pattern is hard to ignore. Capital is leaving the space at a steady pace, particularly from flagship bitcoin and ether products. Even isolated inflows are no longer enough to change the broader direction.
In summary, Friday capped a difficult stretch for crypto ETFs. Bitcoin led with a sharp outflow, ether extended its losing streak despite selective interest, solana weakened further, and XRP remained sidelined. The market closes the week on uncertain footing, with sentiment clearly under strain.
FAQ 📊
- Why did Bitcoin ETFs see such a large outflow on Friday?
The sharp outflow was largely driven by a significant withdrawal from Blackrock’s IBIT, reflecting continued institutional selling pressure. - What is causing Ether ETFs’ extended outflow streak?
Ether ETFs are experiencing persistent redemptions, mainly from Blackrock’s ETHA, indicating weaker investor confidence than bitcoin’s. - Why is Blackrock’s ETHB still attracting inflows?
ETHB’s staking feature is likely appealing to investors seeking yield, making it stand out even during broader market outflows. - What does continued inactivity in XRP ETFs suggest?
It indicates limited investor engagement and a wait-and-see approach, with capital focusing elsewhere in the crypto ETF market.
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