{"id":181839,"date":"2021-02-18T19:09:01","date_gmt":"2021-02-18T16:09:01","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/another-crypto-firm-hit-with-fines-for-violating-u-s-sanctions\/"},"modified":"2021-02-18T19:09:01","modified_gmt":"2021-02-18T16:09:01","slug":"another-crypto-firm-hit-with-fines-for-violating-u-s-sanctions","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/another-crypto-firm-hit-with-fines-for-violating-u-s-sanctions\/","title":{"rendered":"# Another crypto firm hit with fines for violating U.S. sanctions"},"content":{"rendered":"

“# Another crypto firm hit with fines for violating U.S. sanctions <\/strong>”
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BitPay will have to pay the U.S. Treasury’s Office of Foreign Asset Control over half a million dollars for crypto services to sanctioned regions.\u00a0<\/p>\n

In a Feb. 18 announcement<\/a>\u00a0of the settlement, OFAC said that BitPay had facilitated “app<\/a>roximately $129,000 worth of digital currency-related transactions with BitPay\u2019s merchant customers” by users from\u00a0Crimea, Cuba, North Korea, Iran, Sudan and Syria \u2014 effectively the full range of geographical sanctions that OFAC has in place.\u00a0<\/p>\n

OFAC repeated that crypto firms need to align themselves with sanctions programs, saying:\u00a0<\/p>\n

“This action emphasizes that OFAC obligations apply to all U.S. persons, including those involved in providing digital currency services.”<\/p><\/blockquote>\n

The 2,102 transactions that OFAC cites reportedly occurred between 2013 and 2018, during which time the office says that BitPay, which provides crypto-enabled transactions between customers and merchants, screened only merchants.<\/p>\n

Despite adding IP address info about customers in 2017, OFAC says that BitPay did not analyze that information to identify users in sanctioned locations until much later.<\/p>\n

OFAC reached a similar settlement with BitGo at the end of 2020. While neither featured crippling fines, the office, which oversees all U.S. sanctions, is clearly sending a message to the crypto world.\u00a0<\/p>\n

While a number of sanctioned jurisdictions have expressed interest in using crypto to evade them, projects like Venezuela’s Petro token have not caught on.<\/p>\n<\/div>\n

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If you want to read more News<\/a> articles, you can visit our General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n

Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

“# Another crypto firm hit with fines for violating U.S. sanctions ” BitPay will have to pay the U.S. Treasury’s Office of Foreign Asset Control over half a million dollars for crypto services to sanctioned regions.\u00a0 In a Feb. 18 announcement\u00a0of the settlement, OFAC said that BitPay had facilitated “approximately $129,000 worth of digital currency-related…<\/p>\n","protected":false},"author":1,"featured_media":181840,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDIvZmIzZTNlNTMtNWQ5Yy00OTVlLWIzN2QtYWZkZDk0NzY3YThjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[80559,70984,70934,71523,71577,72916],"class_list":["post-181839","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitpay","tag-iran","tag-regulation","tag-sanctions","tag-syria","tag-venezuela"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/181839","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=181839"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/181839\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/181840"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=181839"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=181839"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=181839"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}