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14 December 2019

United States: OFAC Prioritizes Cryptocurrency Regulation and Enforcement 

United States: OFAC Prioritizes Cryptocurrency Regulation and Enforcement 


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The United States Department of Treasury’s Office of Foreign Assets Control (OFAC) has shown a rekindled interest in regulating the cryptocurrency industry and enforcing the guidelines.

Against that backdrop, OFAC updated its FAQ to include its compliance obligations for the cryptocurrency industry as a whole.

Also, OFAC has shown that crypto market participants fall under its purview, by collecting information from several cryptocurrency exchanges to enable it to fish out individuals that are transacting with bad actors on its SDN list.

Crypto enthusiasts are advised to trade on crypto exchanges that are fully compliant with OFAC’s regulations while exchanges, on the other hand, have been asked to carry out due diligence such as Anti-Money Laundering (AML) and Know Your Customer (KYC) procedures

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