The U.S. government’s sanctions watchdog is believed to be investigating cases where cryptocurrencies have been used to skirt sanctions controls, with enforcement action tipped to be on the way.
The Office of Foreign Assets Control (OFAC) released new guidance for firms last year on its approach to virtual currencies, but has yet to publicly disclose enforcement proceedings against any firms or individuals.
“In the coming months, OFAC is expected to announce the resolution of enforcement actions brought against parties or exchanges for engaging in cryptocurrency transactions that were contrary to the U.S. sanctions regime,” said Michael Casey, a partner with Kirkland & Ellis LLP in London.
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