Glossary > OFAC

OFAC

What is the OFAC?

The OFAC means Office of Foreign Assets Control. It is a US financial intelligence and enforcement agency. It enforces economic sanctions against targeted countries, terrorists, or international narcotics traffickers threatening the country.

The OFAC maintains a list of specially designated nationals and blocked persons (SDN). US persons cannot transact with these designated entities or persons.

Some of the entities and individuals listed as SDNs have committed cryptocurrency-related fraud. Cryptocurrency businesses should be careful not to transact with their associated crypto addresses to remain compliant.

OFAC’s website.