What are the consequences of not performing a FINRA OFAC check before engaging in cryptocurrency transactions?

3 answers

• Nov 26, 2021 · 3 years ago
  Not performing a FINRA OFAC check before engaging in cryptocurrency transactions can have serious consequences. It increases the risk of unknowingly engaging in illegal activities such as money laundering or terrorist financing. Additionally, it can lead to legal repercussions and financial losses if the transactions involve individuals or entities on the OFAC sanctions list. It is crucial to conduct these checks to ensure compliance with regulations and to protect oneself from potential legal and financial risks.
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• Nov 26, 2021 · 3 years ago
  Skipping a FINRA OFAC check before getting involved in cryptocurrency transactions is like jumping into a pool without checking if there are any sharks. You might get lucky and swim safely, but there's also a high chance of getting bitten. By not conducting these checks, you expose yourself to potential legal trouble and financial losses. It's better to be safe than sorry, so always take the time to perform the necessary checks before diving into the world of cryptocurrency.
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• Nov 26, 2021 · 3 years ago
  As an expert in the cryptocurrency industry, I highly recommend conducting a FINRA OFAC check before engaging in any transactions. Not only does it help you stay compliant with regulations, but it also protects you from potential risks. At BYDFi, we prioritize the safety and security of our users, which is why we have implemented robust measures to ensure compliance with FINRA and OFAC regulations. Our platform conducts thorough checks to identify any individuals or entities on the sanctions list, providing our users with a secure and compliant trading environment.
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