CoinList, a U.S.-based cryptocurrency exchange, has settled for $1.2 million with the Treasury’s Office of Foreign Assets Control (OFAC) for apparent sanctions violations.
The exchange processed 989 transactions for users in Crimea from April 2020 to May 2022, violating U.S. sanctions imposed on the region.
OFAC categorised the violations as "non-egregious" and not voluntarily self-disclosed by CoinList.
The issue arose from CoinList's screening procedures failing to identify users who listed 'Russia' as their residence but provided Crimean addresses.