The Biden administration has announced to unveil sanctions against a cryptocurrency exchange over its alleged role in enabling illegal payments from ransomware attacks, part of a broader bid to crack down on the growing threat.

The Treasury Department accuses Suex OTC, S.R.O. of facilitating transactions involving illicit proceeds for at least eight ransomware variants, marking its first such move against a virtual currency exchange over ransomware activity.

Treasury Deputy Secretary Wally Adeyemo said, "Exchanges like Suex are critical to attackers' ability to extract profits from ransomware attackers. Today's action is a signal of our intention to expose and disrupt the illicit infrastructure using these attacks."

According to the Treasury, attacks are increasing in scale, sophistication and scope. In 2020 ransomware payments reached over $400 million, more than four times the level in 2019, Anne Neuberger, deputy national security adviser for cyber, told reporters on the call.

The officials said the administration is also updating guidance on sanctions to encourage victims of ransomware attacks to share information with law enforcement.

The Treasury said an analysis of known Suex transactions shows that over 40% of them involved illicit actors. While some exchanges are exploited by bad actors, others like Suex, “facilitate illicit activities for their own illicit gains,” the agency added in a release.

The sanctions, included in a 2015 executive order targeting cyber criminals, block Suex’s access to all U.S. property and prohibit Americans from transacting with the company.