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BitGo Agrees To Settlement Pact With US Treasury Over Sanctions Violations

Emily Mason

Summary: BitGo, a Bitcoin custodian firm, agreed to pay $93,830 in a settlement pact with the U.S. Treasury over 183 “apparent violations” of multiple sanctions programs, according to an announcement from the Treasury on Wednesday. The charges come because of deficiencies related to the company's compliance procedures. BitGo failed to prevent persons in the Crimea region ...

BitGo, a Bitcoin custodian firm, agreed to pay $93,830 in a settlement pact with the U.S. Treasury over 183 “apparent violations” of multiple sanctions programs, according to an announcement from the Treasury on Wednesday.

The charges come 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 stated.

The maximum civil monetary penalty was $53,051,675, the department said.

By Emily Mason

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