The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today announced a settlement with BitPay, Inc., a private company based in Atlanta, Georgia, that offers a payment processing solution for merchants to accept digital currency as payment for goods and services. BitPay agreed to remit USD507,375 to settle its potential civil liability for 2,102 apparent breaches of multiple sanctions requirements. We have edited the relevant media material and commented on it.
The case provides fascinating background as US PoTUS Biden undertakes a wide-ranging review of Trump-era regulations including sanctions. Much will turn on whether such sanctions are "revoked" or "repealed" or, even, just "cancelled." It also draws attention to "know your customer's customer."
