OFAC Compliance

Last updated: 18 May 2024

Overview

As a United States-based entity, Loop Crypto Inc. (referred to as “Loop Crypto”) complies with the rules and regulations of the U.S. Department of Treasury’s Office of Foreign Asset Control ("OFAC"). This policy combined with the risk-mitigation activities Loop Crypto undertakes are in place to ensure that the company adheres to its responsibility to not engage, directly or indirectly, in transactions prohibited by OFAC sanctions. This includes dealing with certain countries, individuals, and entities who are sanctioned by OFAC.

Policy

To adhere with the list of OFAC-sanctioned countries and regions, Loop Crypto is unable to offer its services to businesses or individuals residing in the following countries and regions: Cuba, North Korea, Syria, Iran, or the regions of Crimea, Donetsk, and Luhansk within Ukraine.

In addition to adhering with the country-wide sanctions listed above, Loop Crypto cannot do business with individuals or employees of entities cited on the Specially Designated Nationals (“SDN”) list published by OFAC. Resources related to the SDN list can be found here, and the full database of OFAC’s Sanction List to which the company refers can be found here.

Out of an abundance of caution to maintain compliance with the SDN list, Loop Crypto also currently blocks individuals and entities from the following countries from interacting with its product.

  • Afghanistan - AF, 

  • Belarus - BY, 

  • Central African Republic - CF, 

  • Congo, the Democratic Republic of the - CD,

  • Iraq - IQ, 

  • Korea, Democratic People’s Republic of - KP, 

  • Lebanon - LB, 

  • Libya - LY, 

  • Myanmar - MM, 

  • Russian Federation - RU, 

  • Sudan - SD, 

  • Venezuela, Bolivarian Republic of - VE, 

  • Yemen - YE, 

  • Zimbabwe - ZW

    Enforcement of policy

    As noted above, OFAC maintains and publishes a list of countries, people, and organizations that are subject to sanction. Loop Crypto takes the following actions to ensure it adheres to these sanctions and more broadly avoids interaction with any nefarious actors globally.

    (1) Screen all web3 wallets with Chainalysis’s sanction screening tool. It is of critical importance that Loop Crypto does not interact with wallets known to be owned and operated by sanctioned individuals. Therefore, the company employs the use of Chainalysis’s wallet screening tools, which offer one of the largest and most comprehensive wallet blacklist in the world. Only wallets that        pass the Chainalysis screen are permitted to interact with Loop Crypto applications.

    (2) Block all individuals and entities from OFAC-sanctioned countries and regions from interacting with Loop Crypto’s web services (e.g., website, checkout pages, company dashboard, customer portal, etc.).

    (3) Monitor and restrict access to individuals who appear on the OFAC SDN list. The company is subscribed to email updates from the Department of Treasury for OFAC updates. For any concerns or questions related to this policy, please contact Loop Crypto at help@loopcrypto.xyz.

    For any concerns or questions related to this policy, please contact Loop Crypto at help@loopcrypto.xyz.

© Loop Crypto 2024. All rights reserved.

© Loop Crypto 2024. All rights reserved.

© Loop Crypto 2024. All rights reserved.