Authorities in India have arrested a cryptocurrency exchange administrator wanted by the US for allegedly helping cybercriminals launder money and violate sanctions. Aleksej Besciokov, a Lithuanian citizen and Russian resident, was arrested in the southern state of Kerala on Tuesday, India's top investigative agency said.

Indian authorities have arrested a Lithuanian man wanted by the US for allegedly running a $96 billion cryptocurrency exchange that allowed terrorist organizations, drug traffickers and cybercriminals to launder money.

Russia uses cryptocurrencies in oil trade with China and India to evade Western sanctions, informs Reuters. Some Russian oil companies use Bitcoin, Ethereum, and stablecoins such as Tether to facilitate the conversion of Chinese yuan and Indian rupees into Russian rubles,