Bittrex to Return Frozen Funds to Users in Sanctioned Areas
U.S. based cryptocurrency exchange, Bittrex, might return cryptocurrency holdings to users it had to block from its platform over international sanctions.
According to a tweet published by former user Ziya Sadr, Bittrex is now reaching out to users who reside in sanctioned nations where it’s legally unable to offer its services to send them their frozen funds.
The tweet has a letter which explained that Bittrex doesn’t offer users services because of the U.S. Treasury’s Office of Foreign Assets Control (OFAC) but has now been allowed to return users’ funds. It explained:
In May of 2018, Bittrex filed an application to permit it to release the funds currently frozen back to the owners. This application was recently granted and we are writing to let you know that you may withdraw your funds to another exchange.
Users will have to create an account at a cryptocurrency exchange that isn’t located in Iran, Cuba, Crimea, Syria, or another sanctioned region, create a Bittrex support account, and fill out a form informing the exchange to be able to get their funds back.
They will only be able to receive their funds if the balance was above the withdrawal limit, which varies from crypto to crypto.