Coinbase is covering legal costs for the four investors who have sued the Treasury’s Office of Foreign Assets Control (OFAC) department.
According to the news of Bloomberg, the largest cryptocurrency exchange in the USA is funding the lawsuits filed against OFAC.
The Treasury Department announced on August 8 that it had sanctioned the protocol, stating that $7 billion was laundered in crypto mixer Tornado Cash.
The plaintiffs, on the other hand, complained that the Treasury had exceeded its authority in this case. Lawyers stated that none of the plaintiffs who initiated legal action were criminals or terrorists. Tornado Cash is a legally established company that allows it to offer its customers a secure crypto transaction.
Coinbase CEO Brian Armstrong stated that the Treasury Department did not agree with the Tornado Cash sanctions and stated that the regulator should be appealed.
Coinbase’s requests to revoke sanctions were denied by OFAC.
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