Source: Jake Chervinsky, Crypto Law & Policy Newsletter, Q1 2021 in Review.
OFAC settled an enforcement action against Bitpay for apparent sanctions violations, alleging that the firm allowed persons in sanctioned jurisdictions to transact with merchants on its platform. Bitpay agreed to pay $507,375 to settle the action, which came shortly after OFAC’s settlement with BitGo on similar grounds in December. It’s no surprise to see OFAC getting more involved with crypto sanctions enforcement. Thankfully, both actions provide helpful guidance for other crypto companies looking to satisfy OFAC’s compliance expectations.
Read more: Jake Chervinsky, Crypto Law & Policy Newsletter, Q1 2021 in Review.