OFAC SETTLEMENT WITH BITPAY INC FOR APPARENT VIOLATIONS OF MULTIPLE SANCTIONS PROGRAMMES RELATED TO DIGITAL CURRENCY TRANSACTIONS

On 18 February, a news release from OFAC advised the settlement with BitPay for $507,375 to settle its potential civil liability for 2,102 apparent violations of multiple sanctions programmes 2013-18. BitPay allowed persons who appear to have been located in the Crimea region of Ukraine, Cuba, North Korea, Iran, Sudan, and Syria to transact with merchants in the US and elsewhere using digital currency on BitPay’s platform even though BitPay had location information, including IP addresses and other location data, about those persons prior to effecting the transactions.

https://home.treasury.gov/system/files/126/20210218_bp.pdf

https://content.govdelivery.com/accounts/USTREAS/bulletins/2c24927

 

I would be grateful for any modest contribution for my time and ongoing costs of computer, relocation, and (still ongoing) removal costs, I have a page, where contributions start as low as $3, at https://www.buymeacoffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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