Derived from Biji Network, ShapeShift, a now-closed cryptocurrency exchange, 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 Treasury stated that ShapeShift did not implement a sanctions compliance program until after receiving an OFAC administrative subpoena. The exchange, which allowed users to trade cryptocurrencies like Bitcoin and Ethereum without KYC requirements, was previously fined $275,000 by the SEC in 2024 for operating without proper registration.
Shut-down ShapeShift Agrees to $750,000 Settlement for Sanctions Violations
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