The Bittrex cryptocurrency exchange has the opportunity to return assets to former customers from countries under sanctions. Previously, the platform froze clients’ accounts in accordance with a decision by the US Treasury Department for Foreign Assets Control (OFAC).
In May 2018, Bittrex applied for permission to withdraw users’ funds from sanctioned countries. Now, as the exchange said in a letter to these clients, OFAC approved the application.
A letter from Bittrex was published by a former platform user from Iran, who stated that his wallets were frozen several years ago.
It’s been a few years that @BittrexExchange disabled Iranian accounts, froze their holdings and stayed silent on the subject.
Today, I (and many others) received an email saying that they will give back the holdings, under certain conditions pic.twitter.com/3dMkdLfF2H
— Ziya Sadr (@Ziya_Sadr) 8 ноября 2019 г.
In order to withdraw frozen assets, users must fulfill a number of requirements:
- create an account on a cryptocurrency exchange that is not in a jurisdiction subject to OFAC sanctions;
- Register with Bittrex Support
- Fill out the form, indicating where to send the funds.
Users must apply for the withdrawal by March 15, 2020. Those with balances below the minimum withdrawal limit will not be able to access assets.
Earlier, the exchange announced the termination of services to residents of 31 countries, including Afghanistan, Iraq, Pakistan, and Venezuela. Also, to work with foreign users, Bittrex has launched the Liechtenstein-based Bittrex Global platform.
Recall that in October, Bittrex extended the withdrawal period for former customers from New York State, from where it was forced to leave without receiving a regulatory license.