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.
Is it Legal for US Residents to Exchange Bitcoin with Sanctioned Countries?
7 replies 489 views
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.
Remittances are generally cash transfers, not crypto.
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.
wizard_2016Full Member
Posts: 127 · Reputation: 575
#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.
LuckyStakeMember
Posts: 18 · Reputation: 160
#6Aug 25, 2020, 09:51 PM
Not sure what you mean by "cryptocurrency exchanges," but here’s a thought...
Thank you everyone for your answers.
diamond1337Newbie
Posts: 14 · Reputation: 17
#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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