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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 th...

What’s new? The Myanmar military’s 1 February coup d’état brought a sudden halt to the country’s democratic transition and showed disdain for the will of the people, overwhelmingly expressed in the November 202o elections which returned the National League for Democracy government in a landslide. Why does it matter? The coup has arrested a decade of political and economic liberalisation. It has prompted almost universal outrage from Myanmar’s people, who have taken to streets across the country to demand its reversal. The military is unlikely to back down, and the risk of deadl...

To embed, copy and paste the code into your website or blog: In response to the recent military coup in Myanmar (also known as Burma) against the democratically-elected government, on February 11, 2021 the Biden Administration issued an Executive Order on Blocking Property with Respect to the Situation in Burma (E.O.), which launched a new targeted sanctions regime.  That same day, the Treasury Department’s Office of Foreign Assets Control (OFAC) designated former and current officials of Burma’s military or security forces and affiliated entities in the jade and gems sector as Specially...

What’s new? The 2015 Iran nuclear deal has looked at best shaky since the Trump administration withdrew from it in 2018, imposing damaging economic sanctions on the Islamic Republic. In response, Tehran ramped up its nuclear activity in contravention of its obligations under the agreement. President-elect Joe Biden’s inauguration could mark an inflection point. Why does it matter? Having failed to achieve its objectives, Trump’s “maximum pressure” strategy may be nearing an end. Restoring the nuclear deal, with its considerable non-proliferation benefits, could lead to wider U.S...