As reported by Biji.com, the now-defunct cryptocurrency exchange ShapeShift has agreed to pay $750,000 to resolve sanctions violations with the U.S. Treasury’s Office of Foreign Assets Control (OFAC). The exchange, founded by early crypto entrepreneur Erik Voorhees, processed over $12.5 million in transactions from users in sanctioned countries including Cuba, Iran, Sudan, and Syria between December 2016 and October 2018. The U.S. Treasury stated that ShapeShift did not implement a sanctions compliance program until after receiving an administrative subpoena from OFAC. The exchange, which operated from 2014 to 2021, allowed users to trade cryptocurrencies like Bitcoin and Ethereum without typical KYC requirements, enabling a degree of anonymity. ShapeShift had previously settled with the SEC in 2023 for $275,000 after being accused of operating without proper registration.
ShapeShift Settles with U.S. Treasury for $750,000 Over Sanctions Violations
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