U.S. is investigating Bitcoin payment processor Peter Thiel over money laundering

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Peter Thiel is being investigated by the U.S. Treasury Department over suspicions of money laundering and other potential financial crimes that could have a financial impact on the U.S.

The United States, like many other nations, is investigating Thiel’s role in a massive scheme to help a Russian billionaire finance a pro-Kremlin political party.

A federal grand jury on Tuesday handed down a subpoena to San Francisco-based Bitcoin payment processor BitPay, demanding that it turn over a range of records pertaining to a deal that allowed Gennadiy Naschenko, a Russian billionaire with ties to Russian President Vladimir Putin, to purchase more than 50,000 bitcoins, or about $600 million at today’s exchange rate. That’s more than $2.7 million.

Bitcoin is a digital currency that is independent of any government or central bank. It is unregulated and virtually impossible to trace.

The subpoena comes after Treasury designated BitPay as a “money services business” under the law that was issued last year. The designation allowed regulators to target those that help money move between digital currencies.

The U.S. Department of the Treasury’s Financial Crimes Enforcement Network announced the designation under a law that gives the agency the authority to punish people or organizations who defraud financial institutions to the tune of $1 billion a year or more. The law was passed in June 2016 after a man with connections to Russia who is tied to a massive money laundering investigation was sentenced to a year in prison.

Trying to find out more about the company:

The U.S. Congress is investigating whether Thiel and his family, along with the law firm that represents his family and company, have violated the Foreign Agent Registration Act, which requires anyone who wants to lobby on behalf of a foreign government to declare that their work is conducted under the authority of foreign governments.

Peter Thiel, a billionaire businessman and member of the Council on Foreign Relations, is a well-known Republican donor who is a member of the GOP’s influential PayPal Alliance and a

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