On Feb. 18, 2021, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced a $507,375 settlement with BitPay, Inc., an Atlanta-based payment processing company that enables merchants to accept digital currency, for more than 2,100 apparent violations of U.S. economic sanctions. The settlement serves as a timely reminder to all companies engaged in digital currency transactions – whether administrators, exchangers, or technology companies and other business that accept digital currency – of the importance of maintaining risk-based sanctions compliance controls.
OFAC Resolution with BitPay Highlights Importance of Sanctions Compliance for All Companies Engaged in Digital Currency Transactions
