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Crypto Exchange Agrees to Pay More Than $362,000 to Settle Alleged Sanctions Violations

On November 28, 2022, the U.S. Treasury’s Office of Foreign Assets Control (OFAC) announced that Payward, Inc. d/b/a Kraken, a U.S.-based cryptocurrency exchange, agreed to pay $362,158.70 to settle charges relating to its...more

Cryptocurrency Exchange Platform Agrees to Pay over $53 Million for Anti-Money Laundering and Sanctions Violations

On October 11, 2022, the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) and Office of Foreign Assets Control (OFAC) announced settlements with Bittrex Inc. (Bittrex). The settlements arise from violations of...more

Biden Administration Implements Significant BIS Controls and Imposes Second Tranche of OFAC Sanctions in Russia-Ukraine Crisis

On February 24, 2022, the United States, in coordination with the European Union, the United Kingdom, Canada, Australia, Japan, and other allies, took further action against Russia and Belarus in response to Russia's invasion...more

Biden Administration Authorizes New Sanctions on Regions of Ukraine

New Sanctions Also Authorized on Russian Financial Institutions, Elites, and Sovereign Debt, with UK and EU Sanctions to Follow - The Biden administration announced measures this week in response to the Russian...more

2021 U.S. Sanctions Year in Review

In January 2021, President Biden was sworn into office and for the first time in a decade, Democrats assumed control of both chambers of Congress. Notwithstanding these changes, the U.S. government has continued to rely on...more

New OFAC Guidance Raises the Stakes for Crypto Industry

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) published new guidance last week for the virtual currency industry. While OFAC's economic sanctions compliance obligations apply to all U.S. persons, the...more

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