A Comprehensive Overview of OFAC’s Crypto-Related Sanctions

August 10, 2023.

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has adapted to bad actors attempting to evade economic sanctions by incorporating cryptocurrency addresses in sanctions designations. OFAC’s guidance and crypto-related sanctions are discussed, spanning from 2018 to 2023. The sanctions target countries, individuals, companies, and groups posing specific threats to U.S. interests. OFAC aims to mitigate risks in the crypto industry and enforce sanctions compliance. Various cases involving ransomware, money laundering, terrorism financing, and state-sponsored cyber activities are highlighted.

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