OFAC Fines Crypto Processor Over Sanctions Violations

Law360 (February 18, 2021, 6:09 PM EST) -- Payments processing company BitPay has agreed to pay more than $507,000 to settle findings that it accepted digital currency payments from individuals located in sanctioned countries, including North Korea and Iran, over a more than five-year period, the Office of Foreign Assets Control announced Thursday.

Due to what OFAC called "sanctions compliance program deficiencies," BitPay allowed the individuals — located in the Crimea region of Ukraine, Cuba, North Korea, Iran, Sudan and Syria — to send roughly $129,000 worth of digital currency to its merchant customers, according to the announcement.

"This action emphasizes that OFAC obligations apply to all U.S. persons,...

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