Bittrex exchange returns funds to Iranian users after two years of freezing

Cryptocurrency exchange Bittrex will return money from trading accounts to Iranian users, frozen for two yearsback due to requirements of American regulators.

As tweeted by Bittrex users fromIran, the exchange sent them an email with a promise to return the funds blocked in 2017. Then the US Department of the Treasury (OFAC) demanded that Bittrex deactivate the accounts of Iranian users, prohibiting the exchange from operating in countries subject to US sanctions.

In a letter to users, Bittrex said that inLast May, the exchange filed an application with US regulatory authorities to obtain permission to unblock user accounts. As a result, the exchange received this permission, and now users can withdraw money to another exchange or wallet that operate in countries that are not subject to sanctions.

“Under US law and licenses,OFAC issued to us, you can withdraw your funds only to the exchange or wallet that 1) is not located in Iran, Syria, Cuba or the Crimea; 2) are not in the jurisdiction of the US Department of the Treasury; 3) do not fall under US sanctions. ”

Bittrex warned users what they neededmanage to withdraw money before March 15, 2020 and undergo additional identification procedures. At the same time, the exchange indicated that if the balance is below the minimum amount for withdrawal, users will not be able to withdraw their money.

It’s worth noting that Bittrex is not the onlycryptocurrency platform that blocked the accounts of Iranian users. In May, LocalBitcoins also banned access for users from Iran under the pretext of compliance with the requirements of Finnish regulators. Coinbase and Binance are also closed to Iranian traders.

In October, the Bittrex International exchangesuspended services to traders in 31 countries without explanation. That same month, Bittrex opened a new headquarters in Liechtenstein and left Malta due to the Maltese government's tightening anti-money laundering regulations.

</p></p>