вЂњCompanies that facilitate or engage in online commerce or process transactions using digital currency are responsible for ensuring that they do not engage in unauthorized transactions prohibited by OFAC sanctions, such as dealings with blocked persons or property, or engaging in prohibited trade or investment-related transactions,вЂќ the notice said. Related: North America's Bitcoin ETF Hits $165M Trade Volume in First Day Read more: Payments Provider BitPay Rolls Out Cryptocurrency Payroll Service

The Treasury Department watchdog has published a framework for companies to use as part of that mission. The notice warned that cryptocurrency companies must abide by OFAC regulations and monitor for possible sanctions risks. вЂњBitPay failed to exercise due caution or care for its sanctions compliance obligations when it allowed persons in sanctioned jurisdictions to transact with BitPayвЂ™s merchants using digital currency for approximately five years, even though BitPay had sufficient information to screen those customers,вЂќ the notice said. BitPay cooperated with OFAC as the agency investigated the charges.

These include that BitPay implemented compliance controls, employee training, launched an identification service, blocked IP addresses in sanctioned regions and took a number of other steps to prevent it from facilitating such transactions in future. Under the charges, BitPay could have faced a maximum fine of over $600 million, but OFAC took into consideration some mitigating factors, the enforcement notice said.

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