When the United States first began going after crypto companies for violating its economic sanctions rules, it didnt exactly start with a bang.
In December, the Treasury Departments Office of Foreign Assets Control (OFAC) announced a settlement with crypto wallet provider BitGo after the Palo Alto firm failed to prevent persons apparently located in the Crimea region, Iran, Sudan, Cuba and Syria from using its non-custodial secure digital wallet management service. The penalty for the 183 apparent violations of U.S. sanctions? An underwhelming $98,830.