U.S. OFAC settles with virtual currency exchange for apparent violations of Ukraine-/Russia-related sanctions regulations
Civil liability arising from processing 989 transactions on behalf of users ordinarily resident in Crimea
Apparent violations of Ukraine-/Russia-related sanctions regulations
The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) today issued a release announcing that a San Francisco, California-based virtual currency exchange has agreed to pay over $1.2 million to settle its potential civil liability arising from processing 989 transactions on behalf of users ordinarily resident in Crimea between April 2020 and May 2022, in apparent violation of OFAC’s Russia/Ukraine sanctions.
The settlement amount reflects OFAC determination that the apparent violations were not voluntarily self-disclosed and were non-egregious.
Read the enforcement release [PDF 191 KB]
For more information, contact a professional with KPMG’s Trade & Customs services:
Doug Zuvich |
John L. McLoughlin |
Andy Siciliano |
Steve Brotherton |
Luis (Lou) Abad |
Irina Vaysfeld |
Amie Ahanchian |
Christopher Young |
Gisele Belotto |
George Zaharatos |
Andy Doornaert |
Jessica Libby Principal E: jlibby@kpmg.com |
John Anderson Managing Director E: johneanderson@kpmg.com |
Jenna Leigh Glass Managing Director E: jennaleighglass@kpmg.com |
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