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

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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