Tagged: us department of treasury

December 1, 2022 @ 11:16 am By JD Alois  |  

Senator Sherrod Brown, Chairman of the Senate Banking Committee, has sent a letter to the US Department of Treasury Secretary Janet Yellen expressing his concerns following the bankruptcy filing of FTX. The crypto exchange, once one of the largest crypto exchanges in the world, filed… Read More

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

November 21, 2022 @ 5:28 pm By JD Alois  |  

Last week, the US Department of Treasury published a report entitled Assessing the Impact of New Entrant Non-bank Firms on Competition in Consumer Finance Markets. The report was delivered to the White House Competition Council. The 128-page document informed the White House that Fintech firms… 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

July 12, 2022 @ 4:08 pm By JD Alois  |  

The US Department of Treasury has issued a request for comments pertaining to the risks and opportunities affiliated with digital assets or crypto. Under Secretary of the Treasury for Domestic Finance, Nellie Liang issued the following statement on the request: “For consumers, digital assets may present… Read More

June 30, 2022 @ 10:13 pm By JD Alois  |  

The President’s Working Group (PWG) on Financial Markets met today to discuss the topic of stablecoins. In 2021, the PWG published a report on stablecoins requesting legislation stating: “…in the absence of Congressional action, which is urgently needed to address the prudential risks inherent in… Read More

June 14, 2022 @ 2:19 pm By JD Alois  |  

Coin Center, the not-for-profit digital asset advocacy group, has sued the US Department of Treasury. According to a blog post from several days ago, Coin Center has taken umbrage to a portion of the Infrastructure Investment and Jobs Act, signed into law in 2021, that… 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 7, 2022 @ 3:16 pm By JD Alois  |  

Speaking at American University today, Secretary of the Treasury Janet Yellen addressed the emerging sector of digital assets as well as stablecoins and central bank digital currencies (CBDCs). Secretary Yellen reflected on the growth of digital assets, rising from just $14 billion to around $3… 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 9, 2022 @ 9:54 am By JD Alois  |  

Secretary of Treasury Janet Yellen has issued a commend on the Executive Order published today that addresses the fast-growing digital asset industry. Secretary Yellen said that President Joe Biden’s order calls for a coordinated approach to digital asset policy: “This approach will support responsible innovation… Read More

March 8, 2022 @ 10:45 am By JD Alois  |  

Yesterday, FinCEN, the enforcement branch of the US Department of Treasury, posted an Alert on “Increased Vigilance for Potential Russian Sanctions Evasion Attempts.” Russia, along with Belarus, have been targeted with economic sanctions designed to pressure these countries following the unprovoked invasion of Ukraine. FinCEN… Read More