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Breaking news: US Sanctions Enforcer Blacklists a Crypto Exchange for First Time

BitGo to Pay $93K to US Treasury to Settle 183 'Apparent' Sanctions Violations

BitGo failed to stop people in Cuba, Iran and Syria, among other sanctioned places, from using its non-custodial wallet service, the U.S. said.

Dec 30, 2020 at 8:57 p.m. UTC
Updated Sep 14, 2021 at 10:50 a.m. UTC

Crypto custodian BitGo agreed to pay $93,830 in a settlement pact with the U.S. Treasury Department 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 Department 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 had fallen through.

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