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Treasury Sanctions the Cuban Ministry of the Interior and Its Leader for Serious Human Rights Abuse
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US, its laws against Cuba and UN rejection
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BitPay charged $500k as settlement for multiple violations related to crypto payments 2 mins read
The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has revealed that crypto payments platform BitPay has agreed to settle its potential civil liabilities on 2,102 apparent violations of sanctions programs.
In an enforcement notice published on Feb. 18, the OFAC said that BitPay will pay $507,375 as a settlement on charges that allege the Atlanta-based firm allowed persons based in North Korea, Iran, Syria, Sudan, and the Crimea region of Ukraine to transact with merchants based in the United States and elsewhere.
BitPay allows merchants to accept payments in Bitcoin (BTC) and other cryptocurrencies. It handles the paperwork and facilitates transactions when customers buy goods or services using cryptocurrency. It then converts the digital assets into fiat currency for the merchants.
December 21, 2020
Washington – Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) identified three entities controlled by the Cuban military with strategic roles in the Cuban economy. Two of the entities, Financiera Cimex S.A. and Kave Coffee, S.A., are subsidiaries of the third entity, the large Cuban government enterprise Grupo de Administración Empresarial S.A., and use their Panamanian incorporation to subvert international trade restrictions.
“The Trump administration remains committed to targeting the Cuban regime for its malign behavior and attempts to circumvent United States sanctions,” said Secretary Steven T. Mnuchin.
The following entities are being identified on the List of Specially Designated Nationals and Blocked Persons by OFAC pursuant to the Cuban Assets Control Regulations (CACR), 31 C.F.R. part 515.