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Virtual Currency › Office of Foreign Assets Control (OFAC) › Settlement Agreements

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... more +
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 -
A&O Shearman

U.S. sanctions enforcement in the virtual currency space - USD 1 billion and counting...

A&O Shearman on

Beginning in 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) has increasingly focused its enforcement activity on entities operating in the virtual currency space, illustrating a trend that...more

Sheppard Mullin Richter & Hampton LLP

Sanctions Enforcement in the Cryptocurrency Industry Continues to be a Focus

Sheppard Mullin Richter & Hampton LLP on

On December 13, 2023, CoinList Markets LLC (“CoinList”) agreed to pay $1,207,830 pursuant to a settlement agreement with the Office of Foreign Assets Controls (“OFAC”) in connection with allegations that the San Francisco...more

Sheppard Mullin Richter & Hampton LLP

OFAC Finds Digital Assets Trading Platform in Violation of Sanctions

Sheppard Mullin Richter & Hampton LLP on

On March 31, 2023, the Office of Foreign Assets Control (OFAC) announced a $72,230.32 settlement agreement with Uphold HQ Inc. (Uphold), a global multi-asset digital trading platform, in connection with 152 apparent...more

Sheppard Mullin Richter & Hampton LLP

OFAC Continues Focus on Virtual Currency Industry with Announced Settlement with Payward, Inc.

Sheppard Mullin Richter & Hampton LLP on

Yesterday, on November 28, 2022, the Office of Foreign Assets Control (OFAC) announced a $362,158.70 settlement agreement with Payward, Inc. (Kraken), an online virtual currency exchange, in connection with 826 apparent...more

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