Recent Actions page for 2021-02-18 (settlement agreement between Treasury and BitPay)

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Research, not advice. Part of the Bitcoin research archive (October 2026). Claims labelled unverified, contested or fringe are reported, not endorsed; statuses of bills and rules are as of the date checked. Government, court and patent records are public domain; the research notes are CC BY 4.0.

Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and BitPay, Inc. | Office of Foreign Assets Control

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Settlement Agreement between the U.S. Department of the Treasury’s Office of Foreign Assets Control and BitPay, Inc.

Release Date

02/18/2021

Recent Actions Body

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) today announced a settlement with BitPay, Inc., a private company based in Atlanta, Georgia, that offers a payment processing solution for merchants to accept digital currency as payment for goods and services.  BitPay agreed to remit $507,375 to settle its potential civil liability for 2,102 apparent violations of multiple sanctions programs.  BitPay allowed persons who appear to have been located in the Crimea region of Ukraine, Cuba, North Korea, Iran, Sudan, and Syria to transact with merchants in the United States and elsewhere using digital currency on BitPay’s platform even though BitPay had location information, including Internet Protocol (IP) addresses and other location data, about those persons prior to effecting the transactions.  For more information, please visit the following web notice.

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