Cryptocurrency exchange and token listing platform CoinList consented to pay the Office of Foreign Assets Control (OFAC) of the United States Department of Treasury over $1.2 million in settlement connecting to offenses of the company’s Russia/Ukraine sanctions.
According to OFAC, while CoinList mainly followed a number of compliance procedures, the platform still opened accounts for users resident in Russia with Crimea addresses.
OFAC Says CoinList Sanctions Violations ‘Non-Egregious’
In an enforcement release on Dec. 13, 2023, OFAC declared that CoinList processed 989 monetary deals for 89 users in between April 2020 and May 2022, who, upon account opening, supplied addresses in Crimea, with the majority of them filling out Russia as their nation of house.
Crimea, which is extensively acknowledged as Ukraine area, has actually been annexed by Russia because 2014. Russia is presently dealing with different worldwide sanctions enforced by the United States and other significant economies because its intrusion of Ukraine.
As mentioned in the release, the variety of deals processed over 2 years for Crimea users deserved $1,252,280, with OFAC specifying that “there is no indicator the deals would have been licensable or involved humanitarian activity.”
OFAC, on the other hand, declared that CoinList understood or ought to have understood that it was using services to consumers residing in Crimea,