OFAC

U.S and UAE Crack Down on North Korea’s Illicit Crypto Network

The U.S. Treasury Department, in coordination with the UAE, has imposed sanctions on two Chinese nationals and a UAE-based company for their involvement in laundering millions in cryptocurrency for North Korea. This action underscores the U.S. commitment to countering financial networks that support North Korea’s illicit activities. The Treasury’s Office

December 18, 2024 2 mins read

US Court Lifts Sanctions on Tornado Cash Smart Contracts

The U.S. Fifth Circuit Court of Appeals has ruled that the Treasury Department’s Office of Foreign Assets Control (OFAC) overstepped its authority in sanctioning immutable smart contracts of Tornado Cash. The court found these contracts, as self-executing open-source software, cannot be classified as property under the International Emergency Economic Powers

November 27, 2024 2 mins read