BitGo Settles with Treasury’s OFAC for Violating Multiple Sanctions Programs

The settlement of $98,830 with OFAC is for 183 apparent violations.


The Office of Foreign Assets Control (OFAC), a financial intelligence and enforcement agency of the U.S. Treasury Department, has settled an enforcement action with BitGo for failing to prevent users in Crimea, Cuba, Iran, Sudan, & Syria from using its service.

“Turns out Treasury *doesn't* need more KYC to enforce sanctions laws,” commented Jake Chervinsky, General Counsel at Compound Finance.

Palo Alto-based BitGo is an institutional digital asset custody, trading, and finance service provider.

The company reached a settlement deal of just under a million dollars with the OFAC on Wednesday. Chervinsky called this “a pretty good settlement for BitGo, especially considering it was not a voluntary disclosure.” The official announcement states,

“BitGo agreed to remit $98,830 to settle its potential civil liability for 183 apparent violations of multiple sanctions programs.”

The violations were reported to be processed between March 10, 2015, and December 11, 2019, on behalf of persons located in the Crimea region of Ukraine, Cuba, Syria Iran, or Sudan that were using the company’s non-custodial secure digital wallet management service.

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