BitGo to Pay $93K to US Treasury to Settle 183 ‘Apparent’ Sanctions Violations
BitGo to Pay $93K to US Treasury to Settle 183 ‘Apparent’ Sanctions Violations
Bitcoin custodian firm BitGo agreed to pay $93,830 in a settlement pact with the U.S. Treasury over 183 “apparent violations” of multiple sanctions programs.
- Because of deficiencies related to the company’s compliance procedures, BitGo failed to prevent persons in the Crimea region of Ukraine, Cuba, Iran, Sudan and Syria from using its non-custodial wallet service, the Treasury said in announcing the settlement.
- The maximum civil monetary penalty was $53,051,675, the department said.
- Last week, it was reported that talks regarding a possible acquisition of BitGo by PayPal fell through.
