- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2022-08-25T16:54:00
Cryptocurrency platform Tether is set to defy U.S. sanctions by holding firm on its refusal to freeze relevant Tornado Cash addresses until receiving further instruction from law enforcement agencies.
The Treasury Department’s Office of Foreign Assets Control (OFAC) stirred controversy earlier this month when it sanctioned Tornado Cash, an Ethereum-based virtual currency mixer, over allegations the platform “failed to impose effective controls” to stop the laundering of proceeds from cybercrime. The designation has drawn criticism from industry stakeholders in addition to politicians, with Rep. Tom Emmer (R-Minn.) sending a letter to Treasury Secretary Janet Yellen on Tuesday demanding clarity on the move.
Tether, a stablecoin issuer, shared its concerns in a news release Wednesday. Though the company says it does not operate in the United States, it abides by OFAC sanctions as part of its compliance efforts.
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2025-03-24T20:16:00Z By Oscar Gonzalez
The U.S. Treasury Department lifted its sanctions against cryptocurrency mixer Tornado Cash on Friday after a federal appeals court ruled in November the penalty levied by the agency’s Office of Foreign Assets Control was an overreach.
2022-09-20T16:30:00Z By Aaron Nicodemus
The Treasury Department is seeking public input on how to address illicit finance and national security risks posed by digital assets, part of a multipronged push by the Biden administration to hold bad actors accountable and identify potential enforcement and regulatory gaps.
2022-08-04T18:44:00Z By Aaron Nicodemus
The Securities and Exchange Commission’s move to classify nine cryptocurrencies as securities as part of insider trading charges it brought against a former Coinbase manager has touched a nerve with other regulators, particularly the Commodity Futures Trading Commission.
2025-04-01T16:04:00Z By Aaron Nicodemus
The Trump administration has taken two actions to attack money laundering rings operating in Mexico, highlighting the U.S. government’s focus on curbing the fentanyl trade and the illegal profits it generates.
2025-02-10T16:42:00Z By Neil Hodge
The U.K.’s Serious Fraud Office has made its first use of an enforcement tool that was meant to bring oligarchs and kleptocrats to book. But lawyers are unsure whether the move signifies either a change in direction or fortune for the agency.
2024-12-05T13:00:00Z By Ruth Prickett
The EU and U.K. have rushed to commit themselves to intensifying action on sanctions evasion after U.S. President-elect Donald Trump’s victory, but any compliance managers who believe Trump will make global sanctions compliance easier in 2025 are likely to be disappointed.
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