{"id":36698,"date":"2021-02-19T10:37:37","date_gmt":"2021-02-19T08:37:37","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=36698"},"modified":"2025-08-29T07:37:30","modified_gmt":"2025-08-29T04:37:30","slug":"bitpay-fined-over-500000-for-sanctions-violations-involving-crimea-north-korea-and-iran","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bitpay-fined-over-500000-for-sanctions-violations-involving-crimea-north-korea-and-iran\/","title":{"rendered":"BitPay fined over $500,000 for sanctions violations involving Crimea, North Korea and Iran"},"content":{"rendered":"<p><span style=\\\"font-weight: 400;\\\">The cryptocurrency processing service BitPay will pay $507,375 for sanctions-law violations, according to the <\/span><a href=\\\"https:\/\/home.treasury.gov\/system\/files\/126\/20210218_bp.pdf\\\" target=\\\"_blank\\\" rel=\\\"noopener\\\"><span style=\\\"font-weight: 400;\\\">\u0443\u0432\u0435\u0434\u043e\u043c\u043b\u0435\u043d\u0438\u0438<\/span><\/a><span style=\\\"font-weight: 400;\\\"> of the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury.<\/span><!--more--><\/p>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">According to OFAC, BitPay allowed individuals located in sanctioned jurisdictions to conduct transactions with residents of the United States. The regions include Crimea, Cuba, North Korea, Sudan, Iran and Syria.<\/span><\/p>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">From June 2013 to September 2018, BitPay processed 2,102 transactions by individuals located in \u201csanctioned jurisdictions,\u201d worth a total of $128,582 in cryptocurrency.<\/span><\/p>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">The company knew who it was dealing with, as it possessed location and IP address information, OFAC stressed.<\/span><\/p>\n<p>\\n<\/p>\n<p><span style=\\\"font-weight: 400;\\\">Under the charges, BitPay could have faced a much larger penalty, but OFAC considered mitigating factors. These include the introduction of identity verification, IP address blocking in sanctioned regions, and other steps.<\/span><\/p>\n<p>\\n<\/p>\n<p>In December, OFAC <a href=\"https:\/\/forklog.com\/en\/news\/bitgo-to-pay-fine-for-ofac-sanctions-violations\"><span style=\\\"font-weight: 400;\\\">fined<\/span><\/a><span style=\\\"font-weight: 400;\\\"> BitGo, the custodial service, $93,830 for similar charges.<\/span><\/p>\n<p>\\n<\/p>\n<p>Subscribe to ForkLog news on Telegram: <a href=\\\"https:\/\/t.me\/forklogfeed\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">ForkLog Feed<\/a> \u2014 the full news feed, <a href=\\\"https:\/\/telegram.me\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The cryptocurrency processing service BitPay will pay $507,375 for sanctions-law violations, according to a notice from the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury.<\/p>\n","protected":false},"author":1,"featured_media":36699,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[252,1304,686],"class_list":["post-36698","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitpay","tag-fines","tag-sanctions"],"aioseo_notices":[],"amp_enabled":true,"views":"15","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/36698","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=36698"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/36698\/revisions"}],"predecessor-version":[{"id":36700,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/36698\/revisions\/36700"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/36699"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=36698"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=36698"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=36698"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}