The Department of the Treasury’s Office of Foreign Assets Control (OFAC) on Feb. 18 announced a settlement with digital currency payment service provider BitPay for lapses in its sanctions compliance procedures that led to 2,102 apparent violations of multiple sanctions programs.
BitPay agreed to pay $507,375 to settle its liability after allegedly allowing individuals who appear to have been based in the sanctioned regions of Crimea (Ukraine), Cuba, North Korea, Iran, Sudan, and Syria to transact with merchants in the United States using its platform.
