News & Analysis as of September 20, 2024

Virtual Currency › Settlement

+ Follow

Virtual Currency (aka Digital Currency or Digital Money) is a type of currency or medium of exchange that is not issued by any government nor guaranteed by a government currency. Despite lacking legal tender status, Virtual Currency is still traded and exchanged in some environments, typically online environments or communities. Bitcoin is the most well-known form of Virtual Currency. less -

Binance’s Paper Compliance Program Crumples Under OFAC Scrutiny in Largest OFAC Settlement in History

Sheppard Mullin Richter & Hampton LLP on 11/27/2023

On November 21, 2023, the U.S. Office of Foreign Assets Control (OFAC) announced its largest settlement in history with the virtual currency exchange Binance. This almost-billion dollar settlement is a part of a larger...more

Trends in CFTC Virtual Currency Enforcement Action

Cornerstone Research on 10/6/2023

The U.S. Commodity Futures Commission (CFTC) is one of the main regulators engaged in the cryptocurrency space. Between the first quarter of 2015 and the second quarter of 2023, the CFTC brought 100 actions against virtual...more

US Crypto Exchange Consents to $100M DFS Settlement for AML Compliance Failures

BakerHostetler on 1/17/2023

On January 4, 2023, the New York State Department of Financial Services (“DFS”) announced that Coinbase, Inc., a major U.S. cryptocurrency exchange, will pay a $50 million penalty and invest an additional $50 million in its...more

Coinbase Agrees To Settlement With New York Regulator

Shipkevich PLLC on 1/6/2023

On January 4, 2023, the New York State Department of Financial Services issued a consent order against Coinbase, a virtual currency company. Pursuant to the consent order, Coinbase will be paying a $50 million penalty to the...more

Crypto Company Comes Under OFAC Scrutiny

Holland & Knight LLP on 10/25/2022

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) on Oct. 11, 2022, announced a more than $24.28 million settlement with Bittrex Inc. (Bittrex), a Bellevue, Washington-based company that offers...more

OFAC Announces Hefty Settlement with Virtual Currency Exchange / Hosted Wallet Services Provider

Sheppard Mullin Richter & Hampton LLP on 10/12/2022

Settlement Agreement with Bittrex, Inc. Today, on October 11, 2022, the Office of Foreign Assets Control (OFAC) announced a $24,280,829.20 settlement agreement with Bittrex, Inc., an online virtual currency exchange and...more

OFAC Action Against BitPay, Inc. Demonstrates Focus on Digital Currency Industry and Effective Sanctions Screening

Dechert LLP on 3/5/2021

Key Takeaways - Because digital currencies allow for high-value transactions outside of the traditional U.S. banking system, OFAC has rigorously investigated whether digital currency service businesses may be facilitating...more

BitPay Inc. Enforcement Action Highlights Sanctions Compliance Risks for Virtual Currency Service Providers

Pillsbury - Global Trade & Sanctions Law on 2/23/2021

On February 18, 2021, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) entered into a settlement of $507,375 with BitPay, Inc. (BitPay) for violations of multiple U.S. sanctions programs. According to...more

The Distributed Ledger: Blockchain, Digital Assets and Smart Contracts - April 2019

Skadden, Arps, Slate, Meagher & Flom LLP on 4/16/2019

In this issue, we examine the release of the much-anticipated Strategic Hub for Innovation and Financial Technology (FinHub) guidance for analyzing how U.S. federal securities laws apply to initial coin offerings, the...more

SEC Settles with Bitcoin/Litecoin Exchange Operator

Stinson - Corporate & Securities Law Blog on 12/15/2014

The SEC recently announced a settlement in connection with the operation of unregistered virtual-currency-based stock exchanges. The settlement is instructive as to how the SEC will evaluate crypto-currency trading platforms...more

10 Results

View per page

Page: of 1

Virtual Currency › Settlement

"My best business intelligence, in one easy email…"