CoinList to pay $1.2M to settle Crimea sanctions violations
By 
Aaron Nicodemus2023-12-13T21:35:00
Virtual currency exchange CoinList Markets agreed to pay more than $1.2 million to settle allegations from the Treasury Department’s Office of Foreign Assets Control (OFAC) that it violated U.S. sanctions by processing transactions for customers located in the Crimea region of Ukraine.
San Francisco-based CoinList allowed 989 transactions on behalf of users in Crimea worth nearly $1.3 million on its platform between April 2020 and May 2022, according to OFAC’s enforcement release Wednesday. The transactions resulted in apparent violations of U.S. sanctions against Russia, which took control of Ukraine’s Crimea region in 2014.
CoinList had sanctions compliance controls in place that screened new and existing customers against sanctions lists. In February 2021, it added controls to deny access to customers with IP addresses in sanctioned jurisdictions.
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