Frequently Asked Questions

559. For purposes of OFAC sanctions programs, what do the terms "digital currency," "digital currency wallet," "digital currency address," and "virtual currency" mean?

559 … Digital currency includes sovereign cryptocurrency, virtual currency (non-fiat), and a digital representation of fiat currency. A digital currency wallet is a software application (or other mechanism) that provides a means for holding, storing, and transferring digital currency. A wallet… Read more

560. Are my OFAC compliance obligations the same, regardless of whether a transaction is denominated in digital currency or traditional fiat currency?

560 … Yes, the obligations are the same. U.S. persons (and persons otherwise subject to OFAC jurisdiction) must ensure that they block the property and interests in property of persons named on OFAC’s SDN List or any entity owned in the aggregate, directly or indirectly, 50 percent or more by one… Read more

561. How will OFAC use its existing authorities to sanction those who use digital currencies for illicit purposes?

561 … The United States’ whole-of-government strategies to combat global threats such as terrorism, transnational organized crime, malicious cyber activity, narcotics trafficking, weapons of mass destruction (WMD) proliferation, and human rights abuses include targeting an array of activities,… Read more

562. How will OFAC identify digital currency-related information on the SDN List?

562 … OFAC may add digital currency addresses to the SDN List to alert the public of specific digital currency identifiers associated with a blocked person. OFAC’s digital currency address listings are not likely to be exhaustive. Parties who identify digital currency identifiers or wallets that… Read more

563. What is the structure of a digital currency address on OFAC’s SDN List?

563 … Digital currency addresses listed on the SDN List include their unique alphanumeric identifier (up to 256 characters) and identify the digital currency to which the address corresponds (e.g., Bitcoin (XBT), Ethereum (ETH), Litecoin (LTC), Neo (NEO), Dash (DASH), Ripple (XRP), Iota (MIOTA),… Read more

594. Is it possible to query a digital currency address using OFAC’s Sanctions List Search tool?

594 … Yes, it is possible to query for digital currency addresses using OFAC’s Sanctions List Search tool. Users of the tool may search for digital currency addresses by inputting the hash value into the "ID #" field and then clicking "Search." The ID # field does not use fuzzy logic, so only exact… Read more

647. Should an institution tell its customer that it blocked access to their digital currency and, if so, how does the institution explain it to the customer?

647 … An institution may notify its customer that it has blocked digital currency pursuant to OFAC regulations. The customer has the right to apply for the unblocking and release of the digital currency. To apply online to have the virtual currency released, please go to OFAC’s online application… Read more

646. How do I block digital currency?

646 … Once a U.S. person determines that they hold virtual currency that is required to be blocked pursuant to OFAC's regulations, the U.S. person must deny all parties access to that virtual currency, ensure that they comply with OFAC regulations related to the holding and reporting of blocked… Read more

Frequently Asked Questions

Office of Terrorism and Financial Intelligence