BitPay's February 2021 $507K OFAC settlement over sanctioned-jurisdiction transactions - the merchant-payments lessons.
In February 2021, BitPay settled with OFAC for $507,375 over apparent violations involving users in sanctioned jurisdictions (Crimea, Cuba, North Korea, Iran, Syria).
OFAC found BitPay's payment processing allowed users in comprehensively embargoed regions to transact. The settlement covered multiple years of apparent violations.
BitPay processed merchant payments - the same shape as an agent payment path. Geography screening is the layer that catches the jurisdiction surface even when wallets and names are clean.
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