NFT Marketplace OpenSea Delists Cuban Artists To Comply With US Sanctions Law

Zinger Key Points
  • OpenSea confirms delisting of Cuban users and artists in compliance with US sanctions.
  • Centralized crypto platforms face pressure to comply with international sanctions.
NFT Marketplace OpenSea Delists Cuban Artists To Comply With US Sanctions Law

Non-fungible token (NFT) marketplace OpenSea has started to delist Cuban artists and users in order to comply with U.S. sanctions.

"Our terms of service explicitly prohibit sanctioned individuals, individuals in sanctioned jurisdictions, or services from using OpenSea," a spokesperson for the company told Artnet News. "We comply with US sanctions law."

The delisting confirmation came after a Twitter account shared a screenshot of an email explaining that an account had been "disabled due to activity that goes against our Terms of Service."

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The move comes as the U.S. Justice Department considers charging Binance, the largest cryptocurrency exchange by trading volumes, with money laundering and sanctions violations.

In November, Kraken agreed to pay a settlement of $362,000 for violating U.S. sanctions against Iran.

In October, Dapper Labs allowed users with connections to Russia to withdraw their NFTs after freezing them temporarily in order to comply with EU sanctions.

The U.S. Treasury Department also took the unprecedented step of sanctioning open-source cryptocurrency mixing software Tornado Cash in October.

Next: Analysis - Donald Trump's NFT Launch Offers Some Key Takeaways For The Crypto World

Posted In: CryptocurrencyNewsMarketsBinanceChangpeng Zhaocrypto mixing softwareCryptocurrency ExchangesCuban artistsDapper LabsDistributed Ledger TechnologyEU sanctionsIranKrakenmoney launderingNFT marketplaceNFTsOpenSeaRussiasanctions violationsterms of serviceTornado Cashus justice departmentUS sanctionsUS Treasury Department

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