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Crypto exchange Binance will leave the U.S., pay billions in fines and appoint a monitor for five years to settle charges with the Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Asset Control (OFAC), the U.S. Treasury Department's money laundering and sanctions watchdogs, according to press releases shared Tuesday. Source
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The web3 protocol said its decision followed legal guidance from the U.S. Treasury while debunking unverified reports of restrictions on non-sanctioned countries. Wallet Connect announced an update to which regions can access its open-source protocol used for linking blockchain wallets to decentralized apps. Russian users have been geo-blocked from the platform
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The historic Merge upgrade from Sept. 2022 — which marked Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS) — resulted in the overall decline in compliance with standards laid down by the Office of Foreign Assets Control (OFAC). Ethereum blocks adhering to OFAC compliance censor certain transactions, which has a negative
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More and more Ethereum blockchain operators have complied with sanctions from the OFAC, raising censorship concerns among decentralization proponents and network participants. Toni Wahrstätter, an Ethereum researcher, noted that five of the six largest block builders on Ethereum’s blockchain actively censor certain transactions in line with the Treasury Department’s Office of
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Rpay was developed by the team behind the stablecoin protocol Reserve and currently has 600,000 registered in Latin America and 300,000 on a waiting list, Jiménez said. The platform has posted $5.7 billion in cumulative volume since going live in 2020, and it recently adopted the decentralized Electronic Dollar (eUSD)
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OFAC claims that at least $2 million worth of cryptocurrencies was moved through wallets to fund North Korea’s weapon of mass destruction (WMD) programs. The Treasury’s Office of Foreign Assets Control (OFAC) says it has sanctioned several crypto wallets that have links to North Korea. According to a Tuesday statement,
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The United States Treasury Department has identified over-the-counter (OTC) cryptocurrency traders who assisted North Korea’s Lazarus Group in converting stolen crypto into fiat currency. Crypto traders in China and Hong Kong have been sanctioned by the Treasury’s Office of Foreign Assets Control (OFAC). In addition, a China-based banker was sanctioned
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied On April 14, the United States Office of Foreign Assets Control (OFAC), under the Treasury Department, sanctioned five individuals and two companies based in China for supplying cartels in Mexico with precursor ingredients used to manufacture opioids. OFAC
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Considering that protocol-level censorship is deterrent to the crypto ecosystem's goal of highly open and accessible finance, the community has been keeping track of Ethereum’s growing compliance with standards laid down by the Office of Foreign Assets Control (OFAC). Over the last 24 hours, the Ethereum network was found to
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