FS Vector Statement on Treasury Adding Crypto Addresses to Sanctions Lists

WASHINGTON, DC — Today, the Treasury Department announced that it is adding crypto addresses to its individual sanctions list. FS Vector Founder and CEO John Beccia issued the following statement on the announcement:

Today’s announcement from the U.S. Treasury Department is a significant development that underscores the growing role of cryptocurrency in payments and global finance. This is the first time that individual bitcoin wallet addresses have been designated on the Office of Foreign Asset Control (OFAC) list. This action highlights the potential risks associated with these transactions and unique challenges for industry and regulators alike.

“As cryptocurrency businesses launch and expand their offerings, they need to have controls to review high-risk customers, transactions and geographic locations. It is important for the industry to work closely with Treasury and law enforcement as they continue to assess the most effective way to oversee the use of sophisticated technologies to track and stop Illicit actors.”

FS Vector serves a range of innovative firms: fintech and regtech, cryptocurrency/blockchain, banks, securities firms, lenders, service providers and trade associations. FS Vector works with companies across a variety of development stages – from start-ups that are addressing regulatory issues and building compliance programs for the first time; to growth-stage companies looking to scale and expand their offerings or geographic footprints; to mature financial institutions leveraging regtech and fintech solutions.

FS Vector’s core services include (1) compliance program management, (2) government and regulatory strategy and (3) regtech advisory services. Individual client engagements might include high-level legislative and regulatory strategy, shaping policy, developing and implementing risk-management programs, establishing governance protocols and installing operational efficiencies within compliance functions.

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CONTACT: 

Rosemarie Calabro Tully

rct@cgcn.com | 202-641-6209