Virtual currency exchange CoinList Markets agreed to pay more than $1.2 million to settle allegations from the Treasury Department’s Office of Foreign Assets Control (OFAC) that it violated U.S. sanctions by processing transactions for customers located in the Crimea region of Ukraine.
San Francisco-based CoinList allowed 989 transactions on behalf of users in Crimea worth nearly $1.3 million on its platform between April 2020 and May 2022, according to OFAC’s enforcement release Wednesday. The transactions resulted in apparent violations of U.S. sanctions against Russia, which took control of Ukraine’s Crimea region in 2014.
