US settles with BitPay for apparent sanctions breaches Toggle share menu
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US settles with BitPay for apparent sanctions breaches BitPay, one of the biggest cryptocurrency payment processors, will pay US$507,375 to settle its potential civil liability for apparent violations of U.S. sanctions on countries like Cuba, North Korea and Iran, the U.S. Treasury Department said.
FILE PHOTO: A woman explains how bitpay, a company designed to help companies use virtual currency, to an attendee during the Inside Bitcoins: The Future of Virtual Currency Conference in New York April 8, 2014. REUTERS/Lucas Jackson
20 Feb 2021 03:55AM Share this content
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(Reuters) - BitPay, one of the biggest cryptocurrency payment processors, will pay $507,375 to settle its potential civil liability for apparent violations of U.S. sanctions on countries like Cuba, North Korea and Iran, the U.S. Treasury Department said.
FILE PHOTO: A woman explains how bitpay, a company designed to help companies use virtual currency, to an attendee during the Inside Bitcoins: The Future of Virtual Currency Conference in New York April 8, 2014. REUTERS/Lucas Jackson
Digital currencies, which are mostly unregulated, decentralized and anonymous, have gained popularity in recent years, especially in countries under U.S. and other sanctions, where they are seen as a way of getting around the global financial system.
U.S. Treasury Secretary Janet Yellen and European Central Bank President Christine Lagarde on Tuesday discussed policy tools to foster growth and job creation in the United States and Europe, as well.