ShapeShift has agreed to a $750,000 settlement with the U.S. Treasury over allegations of violating OFAC regulations. The cryptocurrency exchange processed over $12.5 million in transactions from sanctioned countries, including Cuba, Iran, Sudan, and Syria, between 2016 and 2018. The U.S. Treasury noted that ShapeShift lacked a sanctions compliance program during this period, implementing one only after receiving a subpoena.
The penalty was reduced due to ShapeShift's limited assets following its 2021 shutdown. Previously, the platform, known for its anonymous trading without KYC requirements, settled with the U.S. Securities and Exchange Commission for $275,000 in 2023.
ShapeShift Settles $750,000 with U.S. Treasury for Sanctions Violations
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