OFAC v. Bitpay, Inc.

Bitpay settled with OFAC for violations of multiple sanctions programs related to digital currency transactions, including processing thousands of transactions with individuals located in sanctioned territories. Though BitPay screened customers against OFAC’s SDN list they did not screen the location data at the time of transaction.

Companies can face sanctions for engaging in digital currency transactions within sanctioned territories, regardless of whether the customer is listed on the SDN List.

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