Users from countries sanctioned by OFAC may withdraw their cryptocurrencies from the exchange.
The popular Bittrex cryptocurrency exchange is looking to return cryptocurrencies to customers in sanctioned nations such as Iran, Syria, Cuba or Crimea.
Although not named, Venezuela is one of the countries sanctioned by the Office of Foreign Assets Control, OFAC, of the United States. Likewise, as DiarioBitcoin reported on October 21, the company behind the exchange, Bittrex International, also announced massive closure of Venezuelan accounts, in this case without explanation.
According to the statement, Bittrex is sending emails to former clients residing in a country or region in which the exchange cannot offer services legally due to the impositions of the Office of Foreign Assets Control of the US Treasury. UU. (OFAC), and whose accounts were suspended as a result.
The publication highlighted:
“In May 2018, Bittrex submitted an application to allow the owners to freeze currently frozen funds. This request was granted recently and we are writing to inform you that you can withdraw your funds to another exchange “
As read in the letter, several restrictions apply to any previous client who wishes to receive their return funds:
Residents of sanctioned nations must create an account in a cryptocurrency exchange that is not located in Iran, Syria, Cuba or Crimea, or that is subject to OFAC sanctions.
Create a Bittrex support account (using the same email as the original Bittrex account); and complete the form they provide and which indicates where the funds will be sent.
According to a Bittrex support page for May 2018, the minimum withdrawal amount must be three times the transaction fee. Consequently, the letter continues, users whose wallet balances are below the minimum withdrawal limit of the exchange will not be able to access their funds.
Also, those users who can withdraw their funds must send the request to Bittrex before March 15, 2020.
Bittrex has previously recognized that the residents of Iran, a sanctioned nation, were able to trade in the exchange.
In April, compliance director John Roth said that an unintentional breach in the platform’s compliance procedures allowed Iranian residents to participate in it, although no user in the country (or any region sanctioned by the OFAC) had been able to access it since October 2017 (when Sadr’s account was suspended).