Tagged: ofac

November 29, 2022 @ 11:22 am By JD Alois  |  

Crypto exchange Kraken has settled with the US Department of Treasury, which had alleged sanction violations. Falling under the Office of Foreign Assets Control (OFAC), Kraken has agreed to pay $362,158.70 to settle a possible civil liability for claimed violations of the Iranian Transactions and… Read More

October 17, 2022 @ 3:54 pm By JD Alois  |  

Last week, it was reported that Bittrex was the target of an enforcement action emanating from the US Department of Treasury. Two divisions at Treasury, the Office of Foreign Assets Control (OFAC) and The Financial Crimes Enforcement Network (FinCEN) announced enforcement actions. The crypto trading… Read More

October 11, 2022 @ 11:23 am By JD Alois  |  

The US Department of Treasury has revealed two enforcement actions against the crypto exchange Bittrex. According to a statement issued by Treasury, Bittrex has settled for $24 million with the Office of Foreign Assets Control (OFAC) and for $29 million with Financial Crimes Enforcement Network… Read More

September 13, 2022 @ 8:57 pm By JD Alois  |  

This is interesting. At some point today, the Office of Foreign Assets Control (OFAC), part of the US Department of Treasury, posted an FAQ on Tornado Cash, a crypto mixer that was recently the target of an action by OFAC. Last month, Tornado Cash was… Read More

September 9, 2022 @ 9:48 am By JD Alois  |  

Last month, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) applied sanctions to Tornado Cash, a crypto mixing platform. The second sanctions hitting a mixer, the enforcement action is still the first of its kind as the code running Tornado.cash was open… Read More

August 23, 2022 @ 10:01 pm By JD Alois  |  

  The sanctioning of open source crypto mixer Tornado.cash has generated much scrutiny and questions about the legality of a governmental entity punishing code. On August 8th, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against the crypto mixer, citing occurrences… Read More

August 14, 2022 @ 4:07 pm By JD Alois  |  

As has been widely reported, the US Department of Treasury, Office of Foreign Assets Control (OFAC), has sanctioned crypto mixer Tornado.cash for enabling illicit activities in regards to crypto thefts, ransomware and money laundering. Many crypto proponents are up in arms as this is the… Read More

August 13, 2022 @ 3:47 pm By JD Alois  |  

The sanctioning of Tornado.cash, a crypto mixing service, has riled many in the crypto-world. This past week, the US Department of Treasury, Office of Foreign Assets Control (OFAC), targeted the mixer as it is said to launder the proceeds of cybercrime – not just benign… Read More

August 8, 2022 @ 3:34 pm By JD Alois  |  

As was earlier covered, the US Department of Treasury, via the Office of Foreign Assets Control (OFAC) has sanctioned crypto mixer Tornado Cash.  Mixers are used to boost the privacy of crypto transacts but may also be used to obfuscate nefarious activity. Coin Center, a… Read More

August 8, 2022 @ 3:13 pm By JD Alois  |  

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has targeted another crypto mixer by sanctioning Tornado Cash. Most recently, in May, OFAC sanctioned Blender.io, a mixer that is said to be utilized by North Korea  for its “malicious cyber activities and… Read More

May 8, 2022 @ 10:26 am By JD Alois  |  

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has targeted a crypto mixer platform for the very first time. According to a statement by Treasury, Blender.io (Blender) has been sanctioned by the US government. Blender is utilized by North Korea  for… Read More

April 20, 2022 @ 4:39 pm By JD Alois  |  

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has moved once again to take action against Russian entities as part of the growing sanctions against the rogue nation and its unprovoked war against Ukraine. In the first action of its kind,… Read More

April 6, 2022 @ 11:57 am By JD Alois  |  

Yesterday, the U.S. Department of the Treasury sanctioned dark web marketplace Hydra Market, labeling it a pernicious site for malicious cybercrime services, dangerous drugs, ransomware, and other illicit activity. Hydra Market is said to be based in Russia. Also sanctioned, Garantex is a crypto exchange… Read More

March 3, 2022 @ 5:34 pm By JD Alois  |  

The US Department of Treasury has been contacting cryptocurrency platforms cautioning them about the possibility of cyber-attacks emanating from Russia following Russia’s unprovoked war against Ukraine. According to a report by Reuters, a person with knowledge of the conversations said following the sanctions leveled against… Read More

February 28, 2022 @ 10:36 am By JD Alois  |  

The US Department of Treasury has issued a statement today following a flurry of international actions over the weekend that sought to cut off Russia from global markets while freezing assets of certain individuals and other entities. Treasury said the actions were taken following the… Read More

October 4, 2021 @ 3:02 pm By Omar Faridi  |  

On Tuesday, September 21, 2021, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) had released an advisory on the sanctions risks associated with carrying out ransomware payments and the “proactive” steps firms may take to address these types of risks. This… Read More

September 21, 2021 @ 12:01 pm By JD Alois  |  

Ransomware attacks have become quite prevalent with nefarious actors targeting domestic firms, frequently demanding ransom in crypto. Today, the US Department of Treasury has announced a group of actions designed to mitigate ransomware activity including designating crypto exchange SUEX OTC as a “complicit financial service”… Read More

April 24, 2021 @ 12:19 pm By Omar Faridi  |  

Last week, the US sanctioned several groups and individuals because of their alleged association with “disinformation” campaigns that were reportedly coordinated by the Russian government. Blockchain analysis firm Chainalysis points out that a few of the sanctioned utilized virtual currency in their “criminal endeavors,” and… Read More

April 17, 2021 @ 11:00 am By Omar Faridi  |  

On April 15, 2021, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned 16 individuals and 16 entities for “attempting to undermine and influence the 2020 US presidential election,” blockchain security firm CipherTrace noted in a blog post. CipherTrace also mentioned… Read More

February 14, 2020 @ 7:35 am By Omar Faridi  |  

Federal agencies and departments established within the US Justice Department and the Treasury Department are reportedly requesting that millions of dollars be allocated to support their oversight and enforcement efforts related to the cryptocurrency industry. US President Donald Trump’s administration introduced its $4.8 trillion budget… Read More