The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) reached a $1.2 million settlement with cryptocurrency platform CoinList Markets LLC (CLM).
Between April 2020 and May 2022, the company conducted 989 transactions with users living in Crimea that violated U.S. sanctions against Russia. According to the settlement, CLM's screening program failed to identify users who claimed to live in a non-embargoed country (Russia) but actually provided an address in Crimea, a fully embargoed territory by the United States. OFAC pointed out that KYC information is crucial when financial service providers integrate customer information. (globalsanctions)