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Coinbase Helping Plaintiffs Sue US Regulator, Here's Why: Bloomberg

Thu, 09/08/2022 - 16:14
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Yuri Molchan
Coinbase intends to pay legal expenses for six individuals who are suing OFAC
Coinbase Helping Plaintiffs Sue US Regulator, Here's Why: Bloomberg
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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.

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.

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The 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.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at