• Fri, 06 Dec 2019, 12:28 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Bittrex to release funds of frozen accounts following OFAC’s go-ahead but requirements need to be met first

Bittrex recently announced that it will be releasing the funds from accounts that were frozen in 2017 following OFAC’s approval.

Image via Marco Verch (Flickr)

Tue, 12 Nov 2019, 09:01 am UTC

Bittrex recently announced that it has acquired the green light from the U.S. Treasury’s Office of Foreign Assets Control (OFAC) to return the funds of Iranian users when their accounts were frozen in 2017. OFAC prohibited Bittrex from allowing Iranian clients to participate in the crypto exchange’s platform due to the sanctions imposed by the U.S. government on the region.

The exchange said that Iranians were supposed to be banned from the trading platform but due to an “unintentional gap” to its compliance protocols, some managed to get through the cracks. Due to this, the accounts of users were frozen and Bittrex ensured that no other sanctioned territories can participate in the exchange.

The exchange has sent out letters to people who got their accounts frozen. But there are certain requirements that need to be met before they can acquire their funds, Bittrex wrote in a tweet.

The requirements needed to access the frozen funds

“In accordance with US law and the license granted to us by OFAC, you may only withdraw your funds to an exchange or hosted wallet that 1) is not located in Iran, Syria, Cuba, or the Crimea Region of Ukraine; 2) is not subject to the jurisdiction of the US Department of the Treasury’s Office of Foreign Asset Control; and 3) is not currently subject to any US-based sanctions,” the letter instructed.

Users are also required to create an account at support Bittrex.com using the same email address they used to trade in the Bittrex platform. What’s more, frozen accounts need to have the minimum withdrawal amount to access their funds.

Deadline of submission slated on March 15

Bittrex said that Iranian users should submit their withdrawal request by March 15, 2020. The exchange also encourages that users follow the instructions to the letter as the company will not be responsible for any funds lost if the wrong information has been provided in the form. It’s still unclear how many accounts have been frozen and Bittrex is refusing to comment on the matter as of today, Nov. 12, CoinDesk reported.

Meanwhile, Bittrex is also trying to settle a lawsuit that was filed against it by angel investor Greg Bennett. Bennett argues that the exchange failed to provide proper security protocols to his account, leading hackers to siphon 100 bitcoins from his wallet.

Image attribution: https://foto.wuestenigel.com/?utm_source=42549929730&utm_campaign=FlickrDescription&utm_medium=link

Image license: https://creativecommons.org/licenses/by/2.0/

TokenPost | [email protected]

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $7,405.55 (-0.67%)
  • Ethereum (ETH) $147.92 (-0.54%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $211.62 (-1.33%)
  • Litecoin (LTC) $44.91 (-0.93%)
  • Bitcoin (BTC) $7,405.55 (-0.67%)
Dec 6, 2019 (Friday)
11:19
Crypto Technicals: LTC/USD extends sideways, finds strong support at 42.45 (Trendline)
11:18
South Korean consortium to provide blockchain-based ID services via mobile app in 2020
10:31
Crypto Technicals: BCH/USD intraday bias turns slightly bullish, scope for test of 20-DMA (220.99)
10:00
Bitfury launches enterprise blockchain platform ‘Exonum Enterprise’
08:44
CULedger reveals an EFT payment solution for credit unions in collaboration with R3, Luxoft
07:37
Reserve Bank of India governor against the development of private digital currencies
07:34
Ripple asks court to dismiss XRP securities lawsuit in latest filing ahead of court meeting
07:30
Crypto Technicals: ETH/USD struggles to extend recovery, finds stiff resistance at 200H MA at 149.77
05:47
Blockchain firm Figure Technologies hits $1.2B valuation after closing $103M Series C round
05:03
Blockchain firm ChromaWay acquires Antler Interactive after setting up its gaming arm Chroma Studios
04:42
Galaxy Digital-backed Flipside Crypto hires Accenture Managing Director Matt Bridges as COO
04:23
Crypto Technicals: BTC/USD rangebound in the Asian session, struggles at 200H MA
03:56
Canadian mining firm goes belly up; Owes local, federal government hundreds of thousands
03:54
New crypto derivatives trading platform Phemex can manage 300,000 TPS, says core developer
03:51
Microsoft creates blockchain-based incentive scheme with Enjin to recognize active members of Azure community
Dec 5, 2019 (Thursday)
13:09
Dunamu’s crypto subsidiary DXM partners with Ledger to launch custody service for institutional clients
11:28
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:28
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
10:49
Crypto Technicals: LTC/USD pauses downside, bullish RSI divergence raises scope for upside
10:43
U.S. financial regulators call for continued monitoring of digital assets and DLTs
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft