world’s leading cryptocurrency between exchanges bitcoin There was a transfer problem. Some users on Reddit, Binance to Coinbase made Bitcoin (BTC) reported that their transfer was blocked due to potential sanctions concerns.
OFAC Error Between Binance and Coinbase Affected Less than 100 People
A technical issue on the Coinbase side has led to certain Bitcoin transfers from Binance being blocked.
Users on Reddit and Twitter reported late Tuesday that they encountered an Office of Foreign Assets Control (OFAC) notice that attempts to transfer bitcoin from Binance to Coinbase were blocked because their transfer came from an “OFAC-sanctioned address.”
A Coinbase spokesperson stated that this is a technical issue affecting less than 100 people and has been fixed. Coinbase has sent affected users an email stating that the deposit will be credited to their account shortly.
OFAC maintains a long list of crypto wallets and protocols that are classified as “specially designated nations” and are sanctioned, meaning US-based entities are not allowed to interact with them.
Possibly a data entry error could have caused this problem. In August 2022, crypto mixer Tornado Cash was added to the sanctions list.
Tornado Cash has been used repeatedly to try to hide the targets of hacked cryptos, including in North Korea.
Coinbase is currently supporting a lawsuit to force the US Treasury to reverse its decision on Tornado Cash.
Coinbase recently announced that it has acquired One River Digital Asset Management, an SEC-registered institutional digital asset manager.
*Not investment advice.
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