The US Department of Treasury has taken action against two crypto exchange services accused of having links with Russia and being involved in illicit activities such as money laundering.

A press release by the Department says the latest action against PM2BTC and Cryptex was “part of a coordinated international effort to disrupt Russian cybercrime services.”

“The United States and our international partners remain resolute in our commitment to prevent cybercrime facilitators like PM2BTC and Cryptex from operating with impunity.”

Bradley T Smith, Acting Under Secretary of the Treasury for Terrorism and Financial Intelligence:

Both virtual currency exchanges are said to be associated with Russian individual Sergey Sergeevich Ivanov. Both have been previously sanctioned by other US government agencies and international partners, the press release has said.

According to Bradley T Smith, Acting Under Secretary of the Treasury for Terrorism and Financial Intelligence: “The United States and our international partners remain resolute in our commitment to prevent cybercrime facilitators like PM2BTC and Cryptex from operating with impunity,”

The Department of the Treasury has said the action was aimed at safeguarding US national security and the US financial system by removing illicit activities from the market.

Paypal paves way for crypto payments

One of the world’s largest online payment services, Paypal, is now making it possible for some of its customers to deal in crypto on the platform.

According to reports, Paypal customers with merchant or business accounts can now buy, sell or hold crypto directly from their accounts.

The move signals a major shift in attitude towards crypto, and could pave the way for large scale adoption of ‘crypto for payment’ in the future.

Paypal is the world’s largest online payment service and holds around 45% of the global market in the sector. Its market capitalisation is around $80 billion.

Crypto adoption on the rise globally

More than 7.5% of the world’s population now deals in crypto and the figure is set to reach 8% next year, according to a report published by crypto financial services platform MatrixPort.

The report emphasises increasing signs that crypto can eventually transform into a ‘mainstream financial system’, adopted by individuals and agencies alike.

CoinTelegraph’s Josh O’Sullivan says institutional investment is one of key factors fuelling the adoption of crypto globally. But he also highlights some hurdles in the way of greater crypto adoption such as “regulatory considerations, market volatility and retail investor security concerns.”

Paypal’s decision to facilitate crypto dealings on its platform (discussed above) is a good example of the kind of institutional investment the MatrixPort research refers to.

Such investment and adoption by the world’s largest online payment services encourages other platforms, as well as investors, to take crypto more seriously.

Premier League embraces crypto

The English Premier League, generally considered the world’s best and richest soccer league, has seen record investment from crypto firms during the ongoing 2024-2025 season.

Bloomberg has published the findings of a report by SportQuake, which says crypto firms have so far spent around $170 million on advertisements in the Premier League this year.

According to the report, this shows a 10-fold increase from the 2020-2021 season, and has narrowly surpassed last season’s investment from crypto firms.

DailyCoin’s Samuel Wan says: “Despite the influx of crypto cash, Premier League clubs are not taking any risks. Teams are implementing safeguards to minimise risk, including upfront payment demands, reputational damage clauses, and bank guarantee requirements.”

The increased space for crypto firms to invest in the Premier League via advertisement opportunities is partly due to the League’s decision to reduce emphasis on investment from gambling firms, according to the report.