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ARTICLE · 10 APRIL 2018

US Govt Issues Sanctions Against Venezuela's ICO – The Petro Coin

Duhaime Law
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President Trump issued an Executive Order imposing economic sanction on the initial coin offering ("ICO") by the Government of Venezuela, called the Petro Coin (the "Petro ICO").

CanadaInternational Law
Christine Duhaime
Christine Duhaime

President Trump issued an Executive Order imposing economic sanction on the initial coin offering (“ICO“) by the Government of Venezuela, called the Petro Coin (the “Petro ICO“).

The Executive Order makes it illegal to engage in transactions, dealings or financings in connection with the Petro ICO, which would include buying, selling, trading, marketing, listing or facilitating, in any way, the Petro ICO by any US person or any person in the US.

It is also illegal to attempt to violate the Petro ICO sanctions, as well as to conspire to violate the sanctions or to avoid or evade them (sanctions avoidance that occurs, for example, when money is moved through a secondary country, often Dubai, to hide its illegal origin).

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