Cryptocurrency exchange CoinList reached a $1.2 million settlement following accusations from the US Office of Foreign Assets Control.
According to the statement made by the Office of Foreign Assets Control (OFAC), CoinList “opened 89 accounts for its customers, almost all of whom chose Russia as their country of residence but gave Crimea as their address when opening the account.”
CoinList’s auditing mechanism ensures that the name Crimea mentioned in the address is the customer’s “probably resides in Crimea” failed to detect it.
Russia occupied Crimea in 2014.
According to the statement made by OFAC, CoinList, A fine of up to $327 million could be penalized, but the settlement fee would be past cooperation, compatibility and the transactions subject to the accusation were kept low because they were small compared to the total volume of the exchange.
In its statement on the subject, CoinList stated that A lesson in the importance of focusing on legal compliance He said he saw it as. The stock market will invest 300 thousand dollars for this.