ShapeShift, a shuttered cryptocurrency exchange, has agreed to pay $750,000 to settle its breach of US Treasury Office of Foreign Assets Control (OFAC) sanctions.
The US Treasury said on Tuesday that the exchange, founded by early crypto entrepreneur Erik Voorhees, had received funds from users in sanctioned countries such as Cuba, Iran, Sudan and Syria.
The federal government accused ShapeShift of "not establishing any sanctions compliance program to screen users or transactions for connection to sanctioned jurisdictions" between December 2016 and October 2018, and of processing more than $12.50 million in cryptocurrency transactions for clients from those countries.
Closed crypto exchange ShapeShift pays $750,000 settlement for sanctions violations
2025-09-24 02:17:25
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