The Bittrex cryptocurrency exchange will return money from trading accounts to Iranian users that were frozen two years ago due to the requirements of us regulators.
According to Twitter users of Bittrex from Iran, the exchange sent them an email with a promise to return the funds blocked in 2017. Then the US Treasury Department (OFAC) demanded that Bittrex deactivate the accounts of Iranian users, prohibiting the exchange from operating in countries that were subject to US sanctions.
In a letter to users, Bittrex said that in may last year, The exchange filed an application with US regulators to get 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 operates in countries that are not subject to sanctions.
“According to US law and the license issued to US by OFAC, you can only withdraw your funds to an exchange or wallet that 1) is not located in Iran, Syria, Cuba, or Crimea; 2) is not under the jurisdiction of the US Treasury Department; 3) is not subject to US sanctions.”
Bittrex warned users that they need to have time to withdraw money before March 15, 2020 and go through additional identification procedures. At the same time, the exchange indicated that if the balance is lower than the minimum amount for withdrawal, users will not be able to withdraw their money.
It is worth noting that Bittrex is not the only cryptocurrency platform that has blocked the accounts of Iranian users. In may, the LocalBitcoins exchange also banned access to users from Iran under the pretext of complying with the requirements of Finnish regulators. Coinbase and Binance are also closed to Iranian traders.
Recall that in October, the Bittrex International exchange suspended the service of traders in 31 countries without explanation. In the same month, Bittrex opened a new headquarters in Liechtenstein and left Malta due to the Maltese government’s stricter anti-money laundering rules.