US Bitcoin service to pay $507,375 after North Koreans used its platform
U.S. Treasury says that BitPay allowed individuals in North Korea to make transactions, despite sanctions
An American Bitcoin payment service will pay half a million dollars for violating U.S. sanctions by allowing North Koreans to use its platform to make transactions.
On Thursday, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) said that the Atlanta-based BitPay allowed individuals in sanctioned countries like North Korea, Iran, Ukraine, Cuba and Syria to make $128,583 in transactions between 2013 and 2018. These transactions are illegal because U.S. sanctions ban any American person or entity from providing goods and services to North Korea.
Though the BitPay violation carries a maximum civil
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