News Net Nebraska

Complete News World

US Treasury Clarifies How To Comply With Laws On Authorized Cryptocurrency Issuer Tornado Money

US Treasury Clarifies How To Comply With Laws On Authorized Cryptocurrency Issuer Tornado Money

On Tuesday, the US Treasury Department responded to several common questions regarding the banned cryptocurrency hybrid company Tornado Cash. OFAC banned the Ethereum-based network on August 8 and prohibited US citizens from “participating in any trade with Tornado Cash or its limited assets or property rights.” One concern is how to close Tornado transactions that started before approval. Conduct exchanges or withdraw cryptocurrencies without violating US sanctions laws.

Do you love crypto and want to start trading? On top of that flateToro format You can trade over 60 different cryptocurrencies!

According to the Treasury Department, US citizens or individuals conducting transactions under US jurisdiction may apply to OFAC for special authorization to participate in transactions using the relevant digital currency. OFAC will not prioritize action against such US individuals for late submission of initial sanctions notices and future annual restricted asset reports. The Treasury stressed, “U.S. individuals are prohibited from participating in Tornado Money activities, such as using digital money wallet addresses issued by OFAC.” However, the company has made it clear that dealing with open source software that does not involve an illegal activity with Tornado money is not prohibited.

Tornado Cash, a non-profit that specializes in cryptocurrency policy issues, said OFAC exceeded its legal jurisdiction after CoinCenter was suspended.

See also  "Separation, Oregon is very generous"