The Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Wednesday announced a settlement with digital asset platform BitGo for lapses in its sanctions compliance procedures that led to 183 apparent violations of multiple sanctions programs.
BitGo will pay $98,830 to settle its liability after individuals located in the sanctioned regions of Crimea (Ukraine), Cuba, Iran, Sudan, and Syria were able to access its digital currency services. OFAC deemed the case “non-egregious,” and the penalty represents a tiny fraction of the $53 million maximum in the matter.
