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.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.