The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) has sanctioned the virtual currency Tornado Crash after news emerged that the owner may have inadvertently (and allegedly) laundered more than $7 billion worth of virtual currency since 2019. Tornado Crash was also used to launder nearly $100 million of malicious cyber attackers’ funds derived from the Harmony Bridge and Nomad Heists.
David Rosenfield, Partner and Chair of Litigation at Warren Law Group states, “Those involved in the digital currency and fintech industry must comply with their Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) and sanctions obligations or they risk investigation, sanctions, and potentially criminal indictment. The U.S. Department of Treasury recommends that those participating in these industries have a legal obligation to place stronger compliance regulations on AML/CFT procedures, processes, and record keeping.”
If your company is under investigation by the SEC, DOJ, U.S. Treasury, the Attorney General’s Office, or FINRA due to its proximity to or involvement in cryptocurrency, you must seek experienced regulatory counsel familiar with the space. Additionally, if you are in the virtual currency industry, you must have counsel that can provide regulatory guardrails and implement strategies for compliance with all AML/CFT regulations. Contact the regulatory and corporate attorneys at Warren Law Group at (866) 954-7687 or email firstname.lastname@example.org to schedule your consultation.