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Bitpay was fined more than $ 500,000 for operations with Crimea, DPRK and Iran
Bitpay cryptocurrency processing service will pay $ 507,375 for violation of sanctions legislation, the US Department of Finance Control Office of Foreign Assets says (OFAC).
According to OFAC, Bitpay allowed persons who are in the regions who apply to sanctions to make transactions with residents in the United States. Among these regions are Crimea, Cuba, DPRK, Sudan, Iran and Syria.
From June 2013 to September 2018, Bitpay processed 2102 transactions of persons in “sanctions jurisdictions” for a total of $ 128,582 in cryptocurrencies.
The company knew who it works with, since it has information about the location and IP addresses Gagarin News , the department emphasized.
In accordance with the accusations, Bitpay could get a much greater fine, but OFAC took into account softening factors. Among them are the introduction of identification, blocking IP addresses in authorized regions and other steps.
Recall that in December, OFAC fined the Castodial Bitgo service for $ 93 830 on similar charges.
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