U.S. Asserts It Might Soon Place Crypto Wallets In The OFAC Sanctions List


The U.S. Treasury Department has made its latest statement where it outlined that it would soon start publishing cryptocurrency wallet addresses. It added that it would be doing that along with the names of organizations and people whom with whom it bars citizens from engaging in business activities.

It was sometime back when it was resolved that the various cryptocurrencies be treated in a similar way to the fiat currencies and of course that is in particular regard to the Specially Designated Nationals. In this regard are the different persons affiliated with narcotics trafficking, terrorist organizations and he governments of sanctioned nations.

In its latest statement, the agency disclosed that it was looking forward to strengthening its efforts in line with combating the use of illicit digital currency transactions under its own established authorities.

It is a matter of great significance to alert the public on the specific digital currency identifiers that are closely linked to the blocked person. But moist of the address listings are in most of the instances not exhaustive.

The regulators have set out guidelines that must be followed at all times. According to it, most of those parties that identify wallets or the digital currency identifiers which are owned by or linked with an SDN need to take up the right initiatives. It advises that there is great need to take the necessary measure of blocking the relevant digital currency.

From that point, the next move should be the filing of a report with OFAC and in this particular case one needs to include information about the address’s or the wallet’s ownership as well as the other related relevant details.

The president of wallet startup Blockchain.com who also happens to be an accomplished lawyer Marco Santori recently tweeted outlining that the move was indeed great news for Bitcoin in a much broader sense. He however delved deeper into the matter to say that anything could be expected, including a series of unintended consequences.

Venezuelan president Nicolas Maduro was the one that proceeded to unveil the petro in a bid to bypass the existing U.S. sanctions. He had later on moved ahead to say to term the move a major violation of the Charter of the United Nations.


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