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❕NEWS BitPay to Pay $ 500,000 for Sanction Violations

aryan4

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The cryptocurrency payment platform BitPay has reached an agreement with the US Treasury Department's Office of Foreign Assets Control (OFAC) on charges of more than 2,000 apparent sanctions violations.
According to Coindesk's report, BitPay will pay $ 500,000 for alleged violations of US law by facilitating cryptocurrency transactions.
What do you think about these kinds of sanctions?
 
I think the violation are too much and they would have just obey the us laws , i just hope they have the capacity to be able to pay the money i think
 
It depends on the breaching offence, maybe its one that is heavily breached. As such the U.S treasury department assets office have ordered them to pay such amount to pledge wrong doings.
The offence is too much so they would have to more , but they should reduce it and give them a final warning not to do those unauthorised deals again, then problem solved
 
Hmm, when such western countries gives law, their laws sometimes is final. It will be hard to review it and reduce the punishment. If they really want that they could have reduced it earlier before the news became viral.
You are right actually , that means the punishment have been finalised , but i hope the bitpay actually scale through at the end of the whole issue
 
As BitPay has accepted paying the money that means the report is true. I think they have learnt there lesson and I don't think they will repeat the mistake again.
 
The punishment have been finalized before its eventual announcement. Bitpay got luck it wasn't shutdown by the U.S government for such kind of breaches. I believed they pleaded and showed acceptance for wrongdoings, which made the government to only fine them and not shutting them down from operating.
Shutting them up might not look good and they would consider the ranking of the site , before they think of even doing anything like that
 
They should be careful not to fall into such again , i really feel for the company , and always follow the laws of the us so they won't be in such problem again
 
Maybe they looked into it, and decided not to go otherwise. That's why they charged them such hefty amount of money for such wrong doing.
That's true if its a very small firm , they would charge or sanction lesser amount based on the firm capacity and others i think , so that's the situation
 
That's true if its a very small firm , they would charge or sanction lesser amount based on the firm capacity and others i think , so that's the situation
In some cases if the sanction have a fixed rules or law attached it would apply to both the bigger firm and the smaller firm , it depends too.
 
You're also correct. They didn't sanction it based on the reputation of the company, the future benefits it will bring to them. That's why they pardoned their wrong doing with the fine. Had it been its a small firm it could've been a straight forward closure.
Yeah they know the amount of revenue they gain from taxing the firm , so they would not even think of closing it , but sanction is a lot more better
 
Sanctioning them for sometime is an option. But its like the government never taken such route. They preferred fining the company to huge amount of money for going against ethics and norms of operations outlined for private companies or businesses.
Well all the fines and everything are still going to benefit the government more apart from the sanction against ethics and others i think
 

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