Bitrace Sanctions Money Laundering Merchants Amidst $9.3M USDT Outflow

Bitrace has started clearing out merchants suspected of money laundering activities, following sanctions imposed by the Office for Foreign Assets Control (OFAC). This move comes as 9.3 million USDT flows out of the system.

The decision to remove these merchants is aimed at ensuring compliance with anti-money laundering regulations and maintaining the integrity of the digital currency ecosystem.

Bitrace has been working closely with OFAC to identify and remove any merchants that may be facilitating illicit activities, such as money laundering.