BitPay OFAC Settlement for Multiple Sanctions Program Violations
Monday, February 22, 2021 What Happened: OFAC settled with BitPay, Inc. for $507,375 to resolve 2,102 apparent violations of multiple US sanctions programs for allowing individuals located in sanctioned jurisdictions to use digital currency on its platform to transact with merchants in the United States and elsewhere. The Bottom Line: This is the second OFAC enforcement action against a digital currency services provider published in a two-month period. Companies providing digital currency services, like all financial service providers, should be aware of sanctions risks associated ...
Source: natlawreview.com