Is it Legal for US Residents to Exchange Bitcoin with Sanctioned Countries?

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rogueseedNewbie
Posts: 2 · Reputation: 24
#1Aug 24, 2020, 01:24 PM
Can anyone clarify if US residents can legally trade Bitcoin with citizens from sanctioned countries? I couldn't find a solid answer. Any legal insights would help.
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madalphaFull Member
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#2Aug 24, 2020, 05:06 PM
Aren't those remittances? Like sending cash back home? If it’s the same as using PayPal or banks, then Bitcoin should be fine too. But hey, if you’re worried about the IRS, just use a DEX for smaller amounts.
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coldshardMember
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#3Aug 25, 2020, 10:23 AM
Remittances are generally cash transfers, not crypto.
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mike2015Newbie
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#4Aug 25, 2020, 01:00 PM
Yeah but without declaring it, the IRS is clueless... Just saying that if you can’t find anything, you might wanna assume it’s illegal to send funds to a sanctioned country.
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wizard_2016Full Member
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#5Aug 25, 2020, 04:59 PM
Some states are pretty chill about Bitcoin transfers while others are more strict. But the overall Bitcoin flow in the US really messes with prices.
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#6Aug 25, 2020, 09:51 PM
Not sure what you mean by "cryptocurrency exchanges," but here’s a thought...
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rogueseedNewbie
Posts: 2 · Reputation: 24
#7Aug 26, 2020, 02:55 AM
Thank you everyone for your answers.
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#8Aug 26, 2020, 05:20 AM
International sanctions are imposed against the state, legal entities or officials of this state, and not against citizens.  Therefore, I believe that it is completely legal to send payments in cryptocurrency or in ordinary currency to citizens of a country against which US sanctions have been imposed.
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