Treasury Department Clarifies Issues On Russia’s Sanction And Crypto

Share post:

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has warned that sanctions imposed on Russia must be strictly followed.

This includes considering the sanctions while conducting transactions in cryptocurrency. This means exchanges are prohibited from engaging in or facilitating illegal transactions.

There are concerns from lawmakers and experts that the sanctions placed on Russia could be circumvented using cryptocurrencies.

Major cryptocurrencies including Coinbase, Binance have refused to heed calls to block Russian users on their platforms. Defending their actions, the crypto exchanges stated that taking such a decision goes against the industry’s libertarian values.

The U.S. Treasury Department has reached out to several crypto exchanges and trade groups to explain its expectations for sanctions compliance. The agency also released a line of communication in case of questions regarding clarity.

For more information, read the original story in Reuters.

Featured Tech Jobs

SUBSCRIBE NOW

Related articles

Seattle software engineer ignites viral debate on employee loyalty with LinkedIn post

A Seattle-based software engineer, Alex Nguyen, recently ignited a significant debate on LinkedIn with a post that celebrated...

AT&T has nationwide service outage

AT&T's nationwide service outage, which disrupted the ability for many customers across the United States to place calls,...

Intel splits into two hoping to become world’s second-largest chip manufacturer

Intel's CEO Pat Gelsinger announced a major reorganization, splitting the company into two independent entities under the Intel...

US supports Japans ambitions to return to leadership in chip manufacturing

Japan has embarked on a monumental $67 billion initiative to reclaim its stature as a global semiconductor titan,...

Become a member

New, Relevant Tech Stories. Our article selection is done by industry professionals. Our writers summarize them to give you the key takeaways