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US settle with payment service BitPay around violating sanctions


According to the ministry, more than 2,100 cases were identified between 2013 and 2018 where BitPay allegedly allowed people from those countries to make digital coin transactions with merchants in the United States and elsewhere in the world. These transactions involved a total amount of approximately $ 129,000. BitPay did have control systems for transactions with those countries, but according to authorities, this should have been better supervised. BitPay says much has been done since then to improve controls on such transactions.

Regulators have long expressed their concerns about the use of crypto coins by, for example, criminals to finance illegal activities due to the lack of supervision in that market. Calls for stricter regulations for digital currencies such as bitcoin are therefore getting louder, including from President Christine Lagarde of the European Central Bank (ECB) and the US Treasury Secretary Janet Yellen.

Bitcoin meanwhile rose to a new record level of more than 54,000 dollars on Friday. Article link https://www.news1.news/news/2021/02/us-settle-with-payment-service-bitpay-around-violating-sanctions-3.html

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The total market for all bitcoins is now worth more than $ 1,000 billion, aided by the increasing popularity of the digital currency with large companies and professional investors.




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Source link
https://www.nd.nl/nieuws/varia/1020974/vs-schikken-met-betaaldienst-bitpay-rond-schenden-sancties


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