The crypto exchange processed 989 transactions for users in Crimea from April 2020 to May 2022, according to the Office of Foreign Assets Control.
CoinList, a United States-based cryptocurrency exchange, has agreed to a $1.2-million settlement with the Treasury’s Office of Foreign Assets Control (OFAC) following allegations the firm facilitated transactions in apparent sanctions violations.
In a Dec. 13 notice, OFAC said CoinList had processed 989 transactions for users in Crimea — the peninsula formerly a part of Ukraine currently occupied by Russia — from April 2020 to May 2022. OFAC said the apparent sanctions violations were “non-egregious” but “not voluntarily self-disclosed.”
“[CoinList’s] screening procedures failed to capture users who represented themselves as resident of a non-embargoed country but who nevertheless provided an address within Crimea,” said OFAC. “In particular, [CoinList] opened 89 accounts for customers, nearly all of whom had specified ‘Russia’ as their country of residence but all of whom provided addresses in Crimea upon account opening.”