Cryptocurrency exchange CoinList has struck an agreement with the United States Department of Treasury's Office of Foreign Assets Control (OFAC) in the amount of $1,2M. The settlement resulted from suspected violations of Russia/Ukraine-related sanctions rules.
OFAC accused the California-based exchange of allowing transactions for Crimean customers against sanctions. According to reports, CoinList's screening measures ignored people claiming to be inhabitants of non-embargoed countries. However, these customers still provided Crimean addresses.
OFAC stated that CoinList created several customer accounts between April 2020 and May 2022. Despite sanctions, the services covered the purchase, selling, and trading of crypto tokens and assets. The OFAC claimed that CoinList breached Ukraine/Russia-related sanctions Regulations, totaling $1,252,280 in violations.
While the maximum penalty for such offenses could be $327M, the amount was decreased under its Enforcement Guidelines by taking several variables into account. CoinList's cooperation during the investigation, as well as a spotless compliance record over the previous five years, were among the reasons considered in the settlement.
