Bittrex releases frozen cryptos to users in sanctioned regimes

Bittrex is looking to release frozen cryptos back to customers in sanctioned nations. The rumor is according to a letter posted on Twitter by ex-user Ziya Sadr.

November 11, 2019, | AtoZ MarketsUS-based cryptocurrency exchange Bittrex has decided to release the frozen cryptos of its clients from the sanctioned jurisdictions.

Bittrex is sending emails to its previous clients from these jurisdictions, urging them to initiate the withdrawal process if they are eligible for a refund.

“In May of 2018, Bittrex filed an application to permit it to release the cryptos 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,” the letter to the former clients stated.

No services in sanctioned regimes

Due to the U.S. Treasury’s Office of Foreign Assets Control (OFAC) sanctions, Bittrex never officially offered services to a number of jurisdictions including Iran, Syria, Cuba or Crimea. The exchange clampdown the accounts operated by the clients residing in these regions in late 2017.

Though the exchange is prepared to initiate the refund, the process is a bit tricky. Clients with a claim have to open a digital asset exchange account outside the restricted jurisdictions. In addition, they have to create a Bittrex support account, using the same email of their previous account. Then they need to fill out a form claiming their funds.

Bittrex sets minimum withdrawal amount

In addition to these requirements, the exchange has set the minimum claiming amount to 3 times the withdrawal fee. All eligible residents of these sanctioned regions have to claim their funds before March 15 next year.

Last month, Bittrex decided to half its services in another 31 countries, citing regulatory uncertainties behind the harsh decision.

Meanwhile, the crypto exchange opened another European subsidiary based in Liechtenstein amid the closure of its Malta-based entity.

Think we missed something? Let us know in the comments section below.

Share Your Opinion, Write a Comment