Crypto Exchange Bittrex to Return Frozen Funds to Users in Sanctioned Regions

Bittrex, a popular U.S.-based cryptocurrency exchange, is seemingly looking to 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 contains a letter that details 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 details:

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.

To get their funds back, however, 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.

Users will only be able to receive their funds if the balance was above the withdrawal limit, which varies from crypto to crypto, but Is often above three times the transaction fee needed to move the funds using the blockchain.

To receive their funds, users will have to submit a request by March 15 of next year. How many users were affected by the sanctions and may have to ask Bittrex for their funds isn’t clear.

As CryptoGlobe covered earlier this year the exchange geofenced 32 cryptoassets for U.S. customers to comply with regulations. Last month, Bittrex’s international trading platform closed services for clients in more than 30 countries “due to regulatory uncertainty.”

Featured image via Pixabay.