Clifford Chance

OFAC Urges the Virtual Currency Industry to Get Real about Sanctions Compliance

20 October 2021

The United States Treasury Department's Office of Foreign Assets Control has further increased the pressure on crypto-currency service providers to ensure they maintain adequate OFAC compliance controls.  In very clear language, OFAC advised the virtual currency industry that it is holding them to the same compliance standards and expectations as the fiat currency industry, which has had many years to develop their compliance framework.  This will require virtual currency market participants to quickly up their compliance game at the threat of enforcement action.

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