US Treasury Foreign Investment Control Bureau: Regulating the cryptocurrency industry will be our top priority

According to BTCmanager, the Office of Foreign Assets Control (OFAC) of the US Treasury Department suggests that the regulation of the encryption industry will be their top priority, and they may take active measures to purify the industry. According to reports, OFAC has added a number of bitcoin addresses and cottage coin addresses in its "special staff list" and "blocked personnel (SDN) list", in addition to the encryption market participants also belong to the OFAC jurisdiction, OFAC from several The cryptocurrency exchange collects information and finds individuals who trade with bad elements on their SDN list. Similarly, OFAC uses the information it obtains to determine which exchanges do not comply with its policies and provide products and services to blacklisted individuals. Although the main functions of OFAC's SDN list are still unclear, OFAC may share information with OCIE (Compliance Inspection and Inspection Office) and DOJ (Judicial Asset Recovery Department), so OFAC recommends that encryption enthusiasts comply with OFAC regulations. Encrypted exchanges conduct transactions, and on the other hand require exchanges to conduct due diligence such as anti-money laundering (AML) and customer understanding (KYC) procedures.