BitGo settles with US Treasury over sanctions violations in Iran, Syria and Cuba The settlement repeats the Treasury s message that crypto companies will need to know their customers. 9484 Total views News
The U.S. Treasury has settled with BitGo over charges that it facilitated users in sanctioned areas to transact using its crypto wallet services between 2015 and 2019.
BitGo, an institutional crypto custodian service and wallet operator, did not do due diligence in blocking wallet users based in Crimea, Cuba, Iran, Sudan and Syria, said the Treasury s Office of Foreign Asset Controls in a Dec. 30 announcement. OFAC said of BitGo: BitGo failed to exercise due caution or care for its sanctions compliance obligations when it failed to prevent persons apparently located in sanctioned jurisdictions to open accounts and send digital currencies via its platform as a result of a failure to implement appropriate, risk-based sanctions compliance controls.