OFAC

According to new data, over half of the blocks on the Ethereum network now reportedly comply with the US Treasury OFAC’s standards. This comes roughly a month after the platform’s monumental merge update. Phasing Out Tornado Cash The Office of Foreign Assets Control is the intelligence and enforcement agency of the US  Treasury Department. Indeed, the OFAC administers and enforces US  financial sanctions. A prime example of this is the recent, highly-publicized ban on crypto mixer Tornado Cash.  According to…

The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has cleared up some rules pertaining to Tornado Cash.  While some helpful guidance and reassurance have been provided, many questions remain regarding the Office’s designation of the privacy tool.  The Treasury reiterated that U.S. persons are no longer allowed to interact with Tornado Cash. However, anyone who had their funds trapped inside Tornado Cash prior to August 8th may apply for a license to retrieve them. “OFAC would have a…