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- The defendant then used this crypto exchange account to send over $10 million in BTC for the platform’s users between the United States and sanctioned countries.
- Judge Faruqui stated why he allowed the Department of Justice’s criminal complaint against an American person accused of sending more than $10 million in bitcoin to a crypto exchange in a country that has been extensively sanctioned.
- The Office of Foreign Assets Control (OFAC) of the US Treasury Department has fined crypto trade stages for breaking sanctions guidelines. The judge, however, explained: Individuals and businesses who fail to comply with OFAC regulations, including those governing virtual currency.
The DOJ has documented the first criminal claim against an American who supposedly used digital forms of money to dodge US sanctions. The installments site offered its administrations as a method for getting around US limitations, including obviously untraceable virtual money moves. According to a judicial opinion document filed on Friday by US Magistrate Judge Zia M. Faruqui, the US Justice Department has filed its first criminal case against a US person who allegedly tried to circumvent American sanctions by utilizing cryptocurrencies. The case remains closed.
The Department Of Justice Has Charged A US Citizen With Evading Crypto Sanctions
Judge Faruqui stated why he allowed the Department of Justice’s criminal complaint against an American person accused of sending more than $10 million in bitcoin to a crypto exchange in a country that has been extensively sanctioned. Cuba, Iran, North Korea, Syria, and the Crimean, Donetsk, and Luhansk territories are currently under international sanctions.
The Office of Foreign Assets Control (OFAC) of the US Treasury Department has fined crypto trade stages for breaking sanctions guidelines. The judge, however, explained: Individuals and businesses who fail to comply with OFAC regulations, including those governing virtual currency, can and will face criminal charges.
Crypto Exchange Account To Send Over $10 Million In BTC
According to the DOJ, the defendant, a U.S. citizen, utilized an IP address in the United States to conspiring to operate an online payments and remittances business situated in a country that has been fully sanctioned. The Department of Justice stated: The payments network touted its services as a way to get around US sanctions, including apparently untraceable virtual currency transfers.
The defendant also used a cryptocurrency exchange in the United States to buy and sell bitcoin. The defendant then used this crypto exchange account to send over $10 million in BTC for the platform’s users between the United States and sanctioned countries. According to the DOJ, the defendant plotted to defraud the United States by violating the International Emergency Economic Powers Act (IEEPA). The question is no longer whether virtual money is here to stay, the judge added, but rather whether fiat currency rules will keep pace with frictionless and transparent blockchain payments.
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Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
