The Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) today announced coordinated actions to bring additional financial pressure on the drug traffickers. OFAC identified Chinese national Fujing Zheng (Zheng) and the Zheng Drug Trafficking Organization (DTO) as foreign narcotics traffickers. These US authorities in coordination with different exchanges have blacklisted the crypto wallet addresses of these traffickers.
Security forces after identifying Xiaobing Yan, Fujing Zheng, and Guanghua Zheng for distributing illegal substances like opioids and fentanyl, they have seized their bank accounts, properties, and even crypto wallet addresses. All three of these traffickers are known to use bitcoin, and security forces are trying to find their bitcoin addresses to seize all their funds.
FinCEN Director Kenneth A. Blanco said “We are making the financial sector aware of tactics and typologies behind illicit schemes to launder the proceeds of these fatal drug sales, including transactions using digital currency and foreign bank accounts”
FinCEN also issued an alert to other financial institutes about financial schemes related to the trafficking of fentanyl and other synthetic opioids. This information will assist these institutions to tackle drug-related crimes.
Kenneth also claimed that these Chinese kingpins run an international drug trafficking operation that manufactures and sells lethal narcotics and contributes to the crisis of opioid addiction, overdoses, and death in the United States.