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Biden’s Executive Order 14024 due to Russia’s invasion of Ukraine Office of Foreign Assets Control OFAC restrictions on economic activity with Russia, FinTechs Learn from Previous OFAC Actions
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 ...