WASHINGTON—The Biden administration blacklisted a Russian-owned cryptocurrency exchange for allegedly helping launder ransomware payments, an unprecedented action meant to deter future cyber-extortion attacks by disrupting their primary means of profit.

The targeting of SUEX OTC marks the first time the Treasury Department has sanctioned a digital currency platform. The Treasury Department also issued fresh warnings to the private sector that businesses risk penalties and fines for paying ransoms or handling such transactions, especially if they fail to report those activities to authorities.

This post first appeared on wsj.com

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