The Treasury Department’s Office of Foreign Asset Control continues to focus enforcement activities on digital currency companies. This focus is likely to increase given recent comments by Janet Yellen, the head of the Treasury department, criticizing digital currencies and the utility of this rapidly growing new technology. Last year, OFAC announced an enforcement action against BitGo, a digital wallet asset management service.
In OFAC’s latest enforcement action, BitPay, Inc. (“BitPay”), a private company based in Atlanta, Georgia, which provides payment processing for merchants to accept digital currency as payment for goods and services, agreed to pay $507,375 to settle violations of various OFAC sanctions programs.
Source: BitPay Agrees to Pay $507,375 to Settle OFAC Sanctions Violations – Corruption, Crime & Compliance