Cryptocurrencies, sanctions, and regulations

There are a lot of cryptocurrencies in the world. Ten years after the first digital currency became available to the public, the market is developing as more people are willing to invest in cryptocurrencies.

However, it is important to keep in mind that sanctions against the country can limit access to the digital currency market. This is just one example of how various factors can affect the rights of crypto owners.

Let’s have a look at Bittrex, which is a crypto exchange.

This crypto exchange notified its former customers in sanctioned nations that Bittrex obtained permission to return their assets.

In May 2018, Bittrex filed an application to receive the permission to return currently frozen funds to its former customers. Recently this application was approved. The crypto owners residing in a country in which the exchange is unable to work will have the opportunity to retrieve their crypto assets.

Cryptocurrencies and sanctions

The former customers of Bittrex must fulfill certain preconditions.  

The first step is to create an account at a cryptocurrency exchange. Moreover, it is important to mention this cryptocurrency should be registered outside of Iran, Syria, Cuba, or Crimea.

This country should not be under any sanctions imposed by OFAC. This organization is responsible for foreign assets control in the U.S.

The crypto owners have to fill out a form, and the crypto owner has to specify where to send the funds. The last day to submit the application is March 15, 2020. This is the last day when former customers of Bittrex can submit the request to get their cryptocurrencies.

Also, crypto owners should pay attention to one problem connected with their assets.

They have to check whether their crypto assets are bigger than the minimum withdrawal limit. This limit is three times the transaction fee.

The situation with Bittrex shows that it is desirable to have at least general information about the cryptocurrencies. This will help to deal with various questions, such as regulations.