OFAC BitPay Rules for Violations of the Multiple Sanctions Program

OFAC BitPay Rules for Violations of the Multiple Sanctions Program

Monday, February 22, 2021

What Happened: OFAC settled with BitPay, Inc. for $ 507,375 to resolve 2,102 apparent violations of several U.S. sanctions programs to allow people in sanctioned jurisdictions to use digital currency on its platform for transacting with merchants in the United States and elsewhere.

The Bottom Line: This is OFAC’s second enforcement action against a digital currency service provider released in a two-month period. Businesses providing digital currency services, like all financial service providers, should be aware of the risk of penalties associated with providing these services. This action emphasizes the importance of tailor-made development and implementation, …

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