Crypto exchange Bittrex is looking to return former users’ funds that were frozen in 2017 in countries or regions that the exchange was unable to operate in by the U.S. Treasury’s Office of Foreign Assets Control (OFAC).
As a former Bittrex user Ziya Sadr tweeted last Friday, the U.S-based exchange sent a letter to him and other users that had their accounts frozen in Oct. 2017 due to residing in a country or region in which the exchange was unauthorized to offer its services.
According to the letter, the exchange was recently granted an application, filed in May of last year, that will allow Bittrex to release the frozen funds back to the owners. Per the application, customers will be able to withdraw their funds to a different exchange or hosted wallet that is not located in Iran, Syria, Cuba, or the Crimea Region of Ukraine. Additionally, the exchange or hosted wallet cannot be among those subjected to the jurisdiction of the U.S. OFAC or to any US-based sanctions.
The letter also reads that users must complete the procedure by March 15, 2020 in order to receive their funds, and if users’ balances are below the minimum amount required to withdraw to the wallet of their choosing, they will not be able to withdraw their funds.
Back in September, the Bittrex exchange successfully deployed the Know Your Transaction (KYT) solution, developed by blockchain analysis company Chainalysis, to monitor large-scale crypto transactions while ensuring compliance with regulatory standards.