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The biggest crypto trading venue in the U.S., Coinbase, is paying legal expenses for two Coinbase staffers and four other investors who are taking to court the Treasury's Office of Foreign Assets Control (OFAC) department, according to Bloomberg.
Coinbase has helped organize and is funding a lawsuit against the US Treasury Department over its sanctions of crypto mixer Tornado Cash https://t.co/v4q4bEXiaM
— Bloomberg Australia (@BloombergAU) September 8, 2022
On Aug. 8, the Treasury stated that the coin mixer Tornado Cash has laundered over $7 billion in crypto since its foundation three years ago and sanctions were imposed on it.
The plaintiffs complain that the Treasury has exceeded its authority in this case. Lawyers mentioned in the legal complaint that none of the plaintiffs are criminals or terrorists. Tornado Cash is a completely legal company that offers its customers private and secure crypto transactions.
Yuri MolchanThe head of Coinbase, Brian Armstrong, tweeted earlier that he does not agree with this move by the Treasury against Tornado Cash and hinted that the regulator should perhaps be challenged.
OFAC rejected Coinbase's persistent requests to reverse the sanctions.
Arman Shirinyan
Alex Dovbnya
Vladislav Sopov
Dan Burgin
U.Today Editorial Team